Open Banking in The United Kingdom

Open banking in UK

What is the current status of Open Banking in the United Kingdom?

The Open Banking ecosystem in the UK now extends far beyond the CMA9 - currently comprising more than 330 regulated firms made up of over 230 third party providers of services and more than 90 payment account service providers who together account for over 95% of current accounts.”

— According to the British government.

Great Britain was the flag bearer for open banking initiatives the moment the Payment Services Directive 2 (PSD2), came into effect in 2018. Establishing the Open Banking Implementation Entity (OBIE) you saw actions such as the Customer Experience Guidelines (CEGs) that propelled the smooth implementation of the technology. 

The UK is head and shoulders above any other country in the world in terms of applying the technology and deriving its benefits.

Interesting stats about OB potential in the United Kingdom

What will the future of Open Banking look like in the United Kingdom?

Open banking’s next steps are not inferences or guestimations when it comes to the United Kingdom – the government is so involved in the implementation of the technology that there is an actual roadmap of what is expected to happen. The  Competition and Markets Authority (CMA), HM Treasury, the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) published a joint statement on the future of Open Banking.