aOpen Banking in UK

Open Banking in UK

3 min

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Facts and figures
 

UK boasts more than 300 banks and 45 building societies. The 9 largest banks in the UK (referred to as the CMA9) are AIB Group, Bank of Ireland, Barclays Bank, HSBC Group (also First Direct, M&S), Lloyds Banking Group (also Bank of Scotland, Halifax), Nationwide Building Society, NatWest Group (also NatWest, Royal Bank of Scotland, Ulster Bank), Northern Bank Limited and and Santander UK. Online banking adoption rate in UK is growing year on year, reaching 76% of UK population in 2020 (Statista).


 

Open banking
 

Open Banking is live in UK with more than 2.5 million users. While the Open Banking regulation in UK requires only the CMA9 to participate in Open Banking, the list of banks and building societies who currently offer is quite extensive:
 


 

Integration with APIs
 

To use access and use the open banking APIs in UK, you will need to acquire an account information service provider license, issued by the Financial Conduct Authority. In addition to that, you will require a relevant certificate (QTSPs or eIDAS), compliant with Open Banking Initiate requirements.

Alternatively, you can use Nordigen's free Account Information solution.


 

Nordigen free Open Banking data API
 

Nordigen offers a free Open Banking data API, that allows businesses to access bank account information of their existing or potential customers.

Key benefits of using Nordigen:

  • Nordigen is a licenced AISP, authorised by the FCA,
  • one API, integrated with all the major UK banks,
  • access to bank account history, up to 2 years,
  • 90-day continuous access to bank accounts,
  • access to Personal and Business account information,
  • free to use, no hidden fees.

Learn more about Nordigen's Account Information here or get access to the API now.

 

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Article by

...Rolands Mesters

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