Update from Charlotte Crosswell, Chair and Trustee, Open Banking Implementation Entity (OBIE) This week I joined UK business leaders at the annual Conservative Party Conference, during which the Prime Minister outlined the government’s plan to transform the UK into an aspiration nation. The government reaffirmed its commitment to boost business-led growth and investment and “growth, […]| Open Banking
Latest news, articles, press releases, research and reports from Open Banking Limited (OBL).| Open Banking
The industry has risen to the challenge that the government set at the end of 2024 calling for industry partners to play their role in supporting the effective and timely delivery of commercial variable payments (cVRPs). A total of 31 organisations from across the open banking and payments industries have committed to fund initial efforts […] The post Firms agree to fund key activities to create new company to deliver the initial phase of work for commercial variable recurring payments ap...| Open Banking
Compare bank service levels Every six months, the Competition and Markets Authority (CMA) publishes independent data that enables people to compare the service levels they receive from banks for personal and business current accounts. The results show customers how their bank is ranked on quality of service and make it easier for people to compare […] The post The CMA publishes latest Banking Service Quality Indicators appeared first on Open Banking.| Open Banking
Open Banking Limited (OBL) is marking the seventh anniversary of the Second Payment Services Directive (PSD2) being implemented in the UK. In conjunction with the CMA Order, this made open banking a regulatory requirement in the UK. PSD2 was implemented in the UK on 13 January 2018 and paved the way for open banking in […] The post OBL celebrates seventh anniversary of PSD2 and the creation of open banking appeared first on Open Banking.| Open Banking
OBL strongly welcomes the Government’s National Payments Vision, announced in Chancellor Rachel Reeves Mansion House speech, which sets out a clear plan to deliver further innovation and competition in the UK’s payments landscape. In particular, we are pleased with the recognition given to the key role that open banking can and must play in delivering […] The post OBL responds to the Chancellor’s announcement on the National Payments Vision appeared first on Open Banking.| Open Banking
Once again, the OBL team will be at Open Banking Expo at the Business Design Centre, Upper Street, London N1 0QH on 15-16 October. We look forward to meeting members of the ecosystem, industry leaders, regulators and more to discuss the future of open banking as it transitions to open finance and smart data. Come […] The post OBL at Open Banking Expo – London 2024 appeared first on Open Banking.| Open Banking
Open Banking Limited (OBL) is pleased to announce that the Competition and Markets Authority (CMA) has officially confirmed the full completion of the final Roadmap for Open Banking. This milestone, building on the “substantial completion” announced in 2023, means that all nine banking providers mandated by the CMA under the Retail Banking Market Investigation Order […] The post CMA confirms full completion of Open Banking Roadmap, unlocking a new era of financial innovation appea...| Open Banking
Open Banking Limited (OBL) will be attending Labour Party and Conservative Party Conferences this year to highlight how open banking is driving financial innovation, bringing wide-ranging benefits to consumers and SMEs, and acting as the foundation and a catalyst for a smart data economy. As well as hosting panels on ‘Open Banking to Open Energy: […] The post OBL at the Labour Party and Conservative Party conferences 2024 appeared first on Open Banking.| Open Banking
There are now 10 million consumers and small businesses who have been empowered to take advantage of the benefits of open banking and manage their financial lives in new and innovative ways. This significant achievement highlights the positive momentum and growing adoption of open banking technologies as millions of consumers and small businesses benefit from […] The post Open banking marks major milestone of 10 million users appeared first on Open Banking.| Open Banking
Open Banking Limited (OBL) is pleased to announce the publication of the Open Banking Standard version 4.0, following approval by the Trustee. This is the first major release since 2018 and includes important mandatory updates to the security profile and widely recognised international messaging standards (ISO 20022). The release also includes optional updates to improve […] The post OBL publishes Open Banking Standard v4.0 to assure future ecosystem growth appeared first on Open Banking.| Open Banking
Release scheduled for end of June 2024 Thank you to all the participants who provided valuable input to the Open Banking Standard v4.0 draft consultation. We have now released responses to all the feedback received and have finalised the scope of v4.0 with a release date planned for the end of June. You can see […] The post Open Banking Standard v4.0 – OBL responses to consultation feedback and final release plan appeared first on Open Banking.| Open Banking
Open Banking Limited continues to be highly supportive of JROC’s commitment to establishing the Future Entity, building on what has been achieved to date under the CMA Order, to deliver and secure the future success of open banking. Our response stresses the importance of alignment between OBL and JROC as we begin the transition to […] The post JROC’s proposal for the design of the future entity for UK open banking – Response from OBL appeared first on Open Banking.| Open Banking
We have opened consultation for v4.0 of the draft Open Banking Standard, the first major release of the Standard since September 2018. Overview of changes The proposed mandatory updates reflect several Order-related activities to ensure the Standard remains fit for purpose and aligns with international best practice in terms of messaging standards (specifically ISO 20022) […] The post Have your say on draft Open Banking Standard v4.0 – consultation now open appeared first on Ope...| Open Banking
I warmly welcome today’s publication of the Joint Regulatory Oversight Committee’s (JROC’s) call for views on the design of the Future Entity for open banking. This report provides additional clarity on the Interim Entity, Future Entity and long-term regulatory framework for open banking. It also provides much-needed certainty to the market and will allow for […] The post Trustee response to JROC’s call for views on the design of the Future Entity appeared first on Open Banking.| Open Banking
As cost-of-living pressures mount and households feel the pinch, it’s more important than ever to identify ways to save money. The open banking revolution is making it easier, faster and smarter to save. With 34% of adults either having no savings, or less than £1000, in a savings account – open banking is finding ways […] The post Save smarter and faster with open banking appeared first on Open Banking.| Open Banking
Over 1 in 9 Brits now use open banking services as open banking payments reach record high Open Banking Limited (OBL) has today published its latest Open Banking Impact Report, which covers the six months to June 2023. For the first time, enhanced data from Pay.UK shows that the total monthly value of open banking […] The post Open Banking Impact Report – October 2023 appeared first on Open Banking.| Open Banking
The OBL team will be at Open Banking Expo at the Business Design Centre, London on 18th and 19th October. We look forward to meeting members of the ecosystem – old and new – to discuss the future of open banking as it transitions to open finance and ‘open everything’. Come and visit us at […] The post OBL at Open Banking Expo – London 2023 appeared first on Open Banking.| Open Banking
The Open Banking Limited team were in Liverpool this week at Labour Party Conference, where the overarching themes of the economy and the country’s finances, as well as bringing about growth across the UK, were the focus. The transformational role of tech in powering the UK took centre stage several times throughout the conference, with […] The post OBL at the Labour Party Conference 2023 – round-up appeared first on Open Banking.| Open Banking
Open Banking Limited (OBL) attended Conservative Party Conference and Labour Party Conference this year to discuss how open banking is revolutionising the UK’s financial landscape and acting as a catalyst for a digitally-driven economy. Read the summaries of both events below. The Conservative Party Annual Conference 2023 Open banking: the catalyst for a UK digital […] The post OBL at Conservative Party and Labour Party conferences appeared first on Open Banking.| Open Banking
This year’s Conservative Party Conference offered a focused snapshot of the prevailing trends and challenges in the UK’s financial services sector. Several overarching themes emerged, highlighting the sector’s complex landscape and future opportunities. Topics such as innovation, regulation, and risk management were central to the discourse, suggesting a collaborative approach between government, industry, and regulators to […] The post OBL at the Conservative Party Conference – ro...| Open Banking
11.4 million payments mark year of significant growth Open banking, the ground-breaking financial technology, has reached a significant milestone, surpassing 11.4 million payments in July 2023. This achievement reflects a 9.3% increase in total payments compared with the previous month, highlighting the growing adoption of open banking services. Year-to-date (YTD) data for 2023 against 2022 […] The post Open banking reaches 11 million+ payments milestone appeared first on Open Banking.| Open Banking
Open Banking Limited (OBL) is pleased to announce the publication of the Open Banking Standard version 3.1.11. This is the first release following the substantive completion of the Competition and Markets Authority’s (CMA’s) Revised Roadmap and is mainly made up of optional updates. Fiona Hamilton, Head of Standards, OBL, says: “While the updates are relatively […] The post OBL publishes Open Banking Standard v.3.1.11 – includes new wallet functionality appeared first on Open Ba...| Open Banking
Earlier this week, OBL hosted a Parliamentary reception with regulators, MPs, civil servants and members of the open banking ecosystem, with a panel discussion on the future of open banking, open finance and Smart Data. Following last week’s publication of the Joint Regulatory Oversight Committee’s Report on the future of open banking, and ahead of […] The post Open banking, open finance and Smart Data – Parliamentary panel update appeared first on Open Banking.| Open Banking
We are pleased to open the consultation for v3.1.11 of the Standard. The proposed updates reflect Order-related activity that was supported by an Expert Advisory Group, Technical Design Authority decisions for updates to the Read/Write specifications, and address several minor known issues. The updates also include one non-Order-related proposition funded by a member of the […] The post Have your say on v3.1.11 of the Open Banking Standard appeared first on Open Banking.| Open Banking
Open Banking Limited (OBL) welcomes the Joint Regulatory Oversight Committee’s (JROC) Report published on 17 April 2023. This Report provides a clear vision for the future of open banking and sets out the next steps that will ensure its continued growth and success. OBL will now review the Report’s recommendations and actions and work with […] The post Trustee Statement – JROC Report April 2023 appeared first on Open Banking.| Open Banking
Open Banking Limited (OBL) today announced that Claudio Pollack has been appointed to the Board as an independent Non-Executive Director (NED). Claudio brings significant regulatory, competition and consumer policy expertise to the OBL Board. His appointment will strengthen the organisation as it continues to prepare for transition. Previous positions include over a decade at Ofcom, the UK’s telecoms regulator, as […] The post Open Banking Limited welcomes Claudio Pollack as an indep...| Open Banking
Charlotte Crosswell, Chair and Trustee of Open Banking Limited (OBL), has today published her End of Implementation Roadmap summary report, marking the conclusion of her mandate as Implementation Trustee. The report details Charlotte’s Trustee recommendations to the Competition and Markets Authority (CMA) on how to maintain the ongoing requirements of the Retail Banking Market Investigation […] The post Open Banking Limited publishes Trustee End of Implementation Roadmap summary report ap...| Open Banking
The Open Banking Implementation Entity (OBIE) has today announced that Marion King has been appointed as its new Chair and Trustee and will commence her Trustee mandate on 1 February 2023. Marion’s appointment follows a robust recruitment process led by the Competition and Markets Authority (CMA). She will succeed Charlotte Crosswell, the current Chair and Trustee, […] The post Marion King appointed as new Chair and Trustee of the Open Banking Implementation Entity appeared first on Open...| Open Banking
The Open Banking Implementation Entity (OBIE) is pleased that the Competition and Markets Authority (CMA) has announced the completion of the Roadmap. This marks a pivotal milestone that has benefited businesses, consumers and the wider UK fintech sector. As it prepares to transition to the future entity, the OBIE now looks to the Joint Regulatory […] The post The OBIE marks completion of CMA Open Banking Roadmap on fifth anniversary appeared first on Open Banking.| Open Banking
Charlotte Crosswell, Chair and Trustee of the OBIE, will step down from her role on 31 January 2023 when her contract expires.| Open Banking
Combined data from the CMA9 banks and building society shows 7 million consumers and SMEs used Open Banking services during January 2023.| Open Banking
VRPs are a new payment instruction that lets customers connect authorised payments providers to their bank account to make payments for them.| Open Banking
Open Banking Limited (formerly the OBIE) built the Open Banking Standard, Directory and ecosystem to drive competition in UK banking.| Open Banking
Open banking is a simple, secure way for businesses and consumers to move, manage and make more of their money using mobile banking apps.| Open Banking
