Happy Birthday Open Banking, Happy Birthday To You!!

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

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