The UK’s six largest lenders–Barclays, HSBC, Lloyds, Nationwide, and NatWest–have met the CMA's regulatory standards for the roll out of Open Banking.

The launch of Open Banking in 2017 followed an investigation into retail banking carried out by the regulator.

The CMA told Britain's nine biggest retail banking institutions to open up customer data using secure data protocols. The Open Banking Implementation Entity (OBIE) was then established by banking providers, while an Open Banking roadmap which outlined specific requirements for the banks was introduced.

On Thursday, the authority announced the six banks had implemented all the requirements of the roadmap.

The OBIE will continued to work with the remaining banks –Allied Irish Bank, Bank of Ireland, and Danske–with the CMA saying it could consider enforcement action to make sure they meet the requirements in a “timely” manner.

“It is fantastic to see how many consumers have benefited from Open Banking since the CMA’s Order was issued in 2017 – which has transformed the way millions of people manage their money,” said Sarah Cardell, chief executive of the CMA. “Today’s update is an important milestone.”

Open Banking now has more than six million active users in the UK, with 7.5 million Open Banking payments made as of December.

“Not only is this helping millions of people across the UK with their day-to day financial management, but crucially, their ability to navigate the impact of the pandemic, rising cost of living and other unexpected financial shocks," said Charlotte Crosswell, chair and trustee of OBIE.

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