Open Banking celebrates five years as big 6 UK banks complete rollout
Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander have now come to the end of their implementation.
Six of the UK’s largest banks have completed their rollouts of open banking, as the project celebrated its 5th anniversary since launch today.
“As we look back over the last five years, our thriving ecosystem should be immensely proud of the financial innovation and benefits they have delivered to consumers and businesses,” said Charlotte Crosswell OBE, the outgoing chair and trustee of the OBIE, who is stepping down at the end of January.
“Not only is this helping millions of people across the UK with their day-to day financial management, but crucially, their ability to navigate the impact of the pandemic, rising cost of living and other unexpected financial shocks.”
Barclays,HSBC, Lloyds, Nationwide,NatWest and Santander have completed their rollouts of open banking, while three of the remaining CMA9 still have to complete their rollout (Allied Irish Bank, Bank of Ireland and Danske).
For those three remaining banks, the Competition and Markets Authority yesterday said it would consider “enforcement action” against these banks to ensure the rollout is finished.
“We will continue to ensure the standard is maintained and that providers are held to their obligations under the CMA’s Order, including making sure those remaining banks reach the same data sharing standard,” said Sarah Cardell, CEO of the CMA.
The CMA also said that it, along with the Financial Conduct Authority, Payment Systems Regulator and UK Treasury will be “setting out its recommendations on the design of the future Open Banking entity in Q1 2023.”
Today’s milestone was welcomed by the open banking community, including Hiroki Takeuchi, CEO and co-founder of GoCardless—which was recently named Fintech Of The Year 2022 and B2B Fintech Of The Year 2022 at the AltFi Awards.
“Open banking has changed the face of financial services in the UK; from better, safer banking experiences for consumers to more affordable services for businesses that truly rival traditional costly payment methods like cards,” Takeuchi said.
“We look forward to seeing the Joint Regulatory Oversight Committee’s (JROC) final recommendations for the OBIE’s successor alongside its open banking roadmap, including how the Government, regulators, banks and fintechs can work together to drive innovation. It is essential that we don’t take our foot off the pedal”.