Latest News

UK Open Banking figures ‘tipped £7m’ in January

By Ross Henry Law

Oversight entity Open Banking Limited (OBL) has announced that UK use of Open Banking powered services by consumers and SMEs reached seven million for the first time in January.

The milestone follows the recent completion by the six largest UK lenders - Barclays, HSBC, Lloyds, Nationwide, and NatWest – of the Competition and Markets Authority’s (CMA) regulatory standards for the rollout of Open Banking.

Launched in 2017, the CMA’s standards ordered the nine largest retail banking providers in the UK to open up customer data using secure data protocols.

The Open Banking Implementation Entity (OBIE) has since been established and developed the UK's Open Banking industry guidelines to drive “competition, innovation and transparency in UK retail banking”.

Those who have not met the outlined standards - Allied Irish Bank, Bank of Ireland and Danske Bank – have since been ordered to do so “as soon as feasible”.

The path for Open Banking is set to become even clearer once the Financial Conduct Authority and the Payment System Regulator provide key recommendation for the future of Open Banking based on a recently published report.

Marion King, chair of OBL commented: “As we await key recommendations on the future vision for Open Banking from the Joint Regulatory Oversight Committee, this strong growth underlines the need to continue the momentum so that the many benefits of Open Banking are developed, promoted, and made available to millions more of our citizens.”

    Share Story:

Recent Stories

HSBC profits more than double

Intesa Sanpaolo to trial Isybank app with staff from March 1

UK Open Banking figures ‘tipped £7m’ in January


The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.

BANNER

BANNER

Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.

Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.

From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.

© 2019 Perspective Publishing     Privacy & Cookies