OBIE names payments veteran as new chair
The Open Banking Implementation Entity (OBIE) has named payments expert Marion King (pictured) as its new chair and trustee, with effect from 1 February.
The OBIE said that King’s appointment follows a robust recruitment process led by the Competition and Markets Authority (CMA). She will succeed Charlotte Crosswell, who steps down on 31 January following completion of her trustee mandate.
Prior to joining the OBIE, King was director of payments at NatWest Group and president of MasterCard UK and Ireland. She was previously chief executive of VocaLink, a specialist payments partner to banks, corporate partners and government departments.
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King will be tasked with overseeing corporate governance at the OBIE, as well as planning for the transition from the OBIE to a future entity that will be responsible for developing the scope of open banking beyond the retail banking market.
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“I am honoured to be appointed chair and trustee of the OBIE and I am looking forward to leading the OBIE into the next phase of its crucial work,” said King.
“Open banking is a UK success story and exemplifies the very best of UK innovation and entrepreneurship, providing benefits to over 6.5 million consumers and small businesses. I am looking forward to seeing even more users adopt and take advantage of products that will help them better manage, move, and make more of their money.
“We cannot afford to be complacent and must work with and support the ecosystem, policymakers, and regulators to ensure the UK remains internationally competitive and innovative.”
The OBIE has also appointed Sarah Beauvallet as a new independent non-executive director, effective from 30 January.
The OBIE is currently in the process of appointing a third independent non-executive director, to succeed Barbara Ridpath who will leaving the board at the end of February.
“It has been an honour to help deliver the final completion of the CMA Roadmap and witness the opportunities for open banking and the tangible benefits it has delivered to over 6.5 million users,” said Crosswell.
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“Marion brings a wealth of experience that will add real value to OBIE’s ongoing work. She will champion the OBIE’s mission and be a strong advocate for the future success of open banking.
“This is an important role and Marion joins the OBIE at a time of challenge but also opportunity. Whilst significant progress has been made in the past five years, there is still more to do to optimise and deliver the full benefits of open banking. As the UK looks to future possibilities that open banking holds, it is vital that momentum is not lost.”
Open banking marked its fifth anniversary this month, with the six largest banking providers in the UK – Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander – now having implemented all of the requirements outlined by the CMA.
