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) and security (specifically FAPI 1.0 Advanced).   The updates also include improvements to information flows (payment status and error messages) in line with the JROC workstream 4 recommendations w ..read more

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 continued investment in our world-leading ecosystem.  Shared purpose and shared vision Open Banking Limited (OBL) and the Interim Entity will deliver different capabilities and carry out different activities, but it is vi ..read more

Open Banking Limited (OBL) welcomes World Savings Day – a day to recognise the benefits of smarter saving. 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 to innovate and help mitigate mounting living costs. In previous research, OBL found that 64% of consumers claimed that using open banking savings apps increased their tota ..read more

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 a recognition that Labour’s five missions are all underpinned by digital innovation. Shadow Chancellor Rt Hon Rachel Reeves MP outlined that the economic mission will pave the way for the other four missions. In her keynote speech, she outlined the need to incr ..read more

Over 1 in 9 Brits now use open banking services as open banking payments reach record high 9.7m payments made in June 2023, an increase of 88% on the same month in 2022. We have seen further growth since the cut-off point for this report (June 2023), with 10.8m payments made in August 2023. Double the volume of payments in the first six months of 2023 than was seen in the first six months of 2022. The average transaction value of open banking payments is around £450, meaning the total monthly value of open banking payments is around £4.5bn. Over 1 in 9 (11%) British consumers are active users ..read more

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 Stand G10 For the first time, we are also proud supporters of this year’s Future Stage – the ideal platform to showcase the potential of open banking and the benefits it can offer to other economic sectors such as energy, retail, transport, telecoms, water and more. The team will also be speaking at the follo ..read more

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 a recognition that Labour’s five missions are all underpinned by digital innovation. Shadow Chancellor Rt Hon Rachel Reeves MP outlined that the economic mission will pave the way for the other four missions. In her keynote speech, she outlined the need to incr ..read more

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 cement the UK’s role as a global leader in financial services.  We were on the ground in Manchester, holding one-to-one meetings with Chris Hayward, Policy Chair ..read more

Compare bank service levels These indicators are one of the measures required by the Competition and Markets Authority (CMA). This data is published every six months and enables people to compare the service levels provided by banks. You can access both Application Programming Interfaces (APIs) here: Open Banking Service Quality Indicators API Read the independent reports You can read the latest research from Ipsos Mori and BVA BDRC below, including detail on the underlying data and collection methodology. Ipsos report BVA BDRC report Great Britain Great Britain Northern Ireland Norther ..read more

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 limited, we are pleased to ensure the ongoing relevance of the Open Banking Standard with new propositions such as the wallet functionality supported with this release.   “The Standard has laid the foundations for a thrivin ..read more