Open Banking is a new, secure way for customers to take control of their financial data and share it with organisations other than their banks without the need to share their credentials with third parties. Open Banking has the power to revolutionise the way we move, manage and make more of our money. For businesses, it is about making the management of cashflow and receiving payments cheaper and easier. Open Banking will make things simpler, faster and more convenient.
It is the retail banking industry’s response to the UK Government’s request for fairer, more transparent banking and financial services, and follows the Competition and Markets Authority (CMA) investigation into the supply of personal current accounts (PCAs) and of banking services to small and medium-sized enterprises (SMEs).
The Open Banking Implementation Entity (OBIE) was created to enable innovation, transparency and competition in UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will enable developers to harness technology, making it easy and safe for individuals and SMEs to share the financial information held by their banks with third parties.
Open Banking has the potential to bring substantial benefits to individuals and SMEs greater market choice and greater control over their money and associated data, along with better and easier access to new financial services providers in a secure environment. Open Banking standards will enable developers to harness technology that allows individuals and businesses to share their financial data held by their banks with third parties in a secure and standardised way.
From March 2018, consumers and small businesses across the UK can start to make the most of a dynamic new range of financial services. The UK is the first nation in the world to launch Open Banking, thanks to it being the capital of Fintech.
It is the retail banking industry’s response to the UK Government’s request for fairer, more transparent banking and financial services, and follows the Competition and Markets Authority (CMA) investigation into the supply of personal current accounts (PCAs) and of banking services to small and medium-sized enterprises (SMEs).
The Open Banking Implementation Entity (OBIE) was created to enable innovation, transparency and competition in UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will enable developers to harness technology, making it easy and safe for individuals and SMEs to share the financial information held by their banks with third parties.
Open Banking has the potential to bring substantial benefits to individuals and SMEs greater market choice and greater control over their money and associated data, along with better and easier access to new financial services providers in a secure environment. Open Banking standards will enable developers to harness technology that allows individuals and businesses to share their financial data held by their banks with third parties in a secure and standardised way.
From March 2018, consumers and small businesses across the UK can start to make the most of a dynamic new range of financial services. The UK is the first nation in the world to launch Open Banking, thanks to it being the capital of Fintech.