Open Banking in the UK is a year old! To celebrate the anniversary the folks at Open Banking Implementation Entity (OBIE) have created a one year anniversary infographic (see below), capturing the key milestones month by month.
Some noteworthy Open Banking info from the Open Banking website:
- Open Banking Ltd was set up by the UK Competition & Markets Authority (CMA) in September 2016
- The CMA found that older and larger banks were not competing for customers, and there was a lack of innovation in the market
- Enter Open Banking! A new, secure way for customers to control their financial data and share it with organisations other than their banks, and to compare offerings across different banks
- Open banking looks to re-think finance in 3 words: simpler, faster and more convenient
- Open banking aims to enable innovation, transparency and competition in the UK financial services sector
- Data provided by Open Banking will allow developers to use technology to share their financial data held by their banks with third parties
- Application Programming Interfaces (APIs) is a key technology used in order to facilitate Open Banking
- If you’re interested in Open Banking, have a read of my popular post 5 things you need to know about PSD2 – The European Payment Services Directive, i.e. Open Banking in Europe