Open Banking just got its own App Store

By Oliver Smith on Tuesday 9 June 2020

Alternative LendingDigital BankingSavings and Investment

Just what we needed.

Open Banking just got its own App Store
Image source: Roberto Cortese/Unsplash.

The UK’s Open Banking Implementation Entity (OBIE) has launched an official App Store to showcase all the financial services apps which are currently using Open Banking APIs.

It looks to solve one of the industry’s biggest challenges of showing all the great work which is being done, and how solutions are solving problems.

So far 54 apps can be found in the listing, ranging from Barclays banking app through to lender Iwoca and savings app MoneyBox, with more due to be added each week.

The listings can also be switched between those consumer-facing services (29), business-to-business (28), and technical services (7) like Plaid and Yolt Technology Services.

“Consumers and SMEs need more clarity than ever on how to manage their finances through this difficult time. With the number of banks and fintechs offering Open Banking-enabled products growing so rapidly, deciphering the advantages of each product can seem daunting,” said the OBIE’s ecosystem development director David Beardmore.

The App Store is just one of the OBIE’s steps to raise awareness of Open Banking projects, including a monthly roundup of provider numbers and milestones, and events with third-party providers.

“Better knowledge and greater awareness equate to more power in the hands of customers,” said Beardmore.

While the Open Banking App Store is far from a silver bullet for all of Open Banking’s woes, it goes some way towards highlighting the great work that is being done and might just help a few consumers and businesses access these services.

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