All in Open Banking

Open Banking Regimes Across The Globe

The Competition and Markets Authority decided to use Open Banking as the vehicle to drive competition in retail banking.  The CMA was mandated to establish the Open Banking Working Group (OBWG) to deliver an open standard for Application Programming Interfaces in UK banking.

With the following objectives; to aid customers in controlling their data and create an environment where financial technology companies (FinTech’s) or businesses make use of bank data on behalf of customers in innovative ways.

Open Banking & Data Sharing

The Open Banking industry is expected to generate £7.2bn in revenue by 2022, 71% of SME’s and 64% of retail consumers are forecasted to adopt it over the same period according to Accenture.  

Open Banking in the UK and the Payment Services Directive 2 (PSD2) enacted by the European Union (EU). Are government regulations that compels banks to open their historical and current customer data to 3rd parties.