Crosswell publishes final open banking implementation report
Charlotte Crosswell, chair and trustee of Open Banking Limited (OBL) – formerly known as the Open Banking Implementation Entity – has published her final report on the implementation of open banking in the UK.
The publication of the report marks the end of Crosswell’s tenure at the open banking group. As of today (1 February 2023), payments expert Marion King has taken over as the new chair and trustee of the OBL.
Crosswell used her final report to offer some advice to the joint regulatory oversight committee on how it should go forward regarding the design of the future open banking entity and strategic roadmap.
Crosswell recommended that the OBL should continue in its current state for the first part of 2023, during the transition from the implementation phase of open banking, to the interim stage. She highlighted the need for proper resourcing, cost efficiencies and ongoing confidence among open banking stakeholders.
“There is a need to maintain confidence in the open banking project more broadly, and the transition approach specifically, with stakeholders continuing to drive the benefits of open banking to consumers and small and medium sized businesses,” she said.
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The joint regulatory oversight committee is set to lay out its vision for the future of open banking by the end of the first quarter of 2023.
“Whilst significant progress has been made, there is still much more to do to optimise and deliver the full benefits of open banking within retail banking markets, and beyond,” said Crosswell.
“Marion King, OBL’s incoming trustee, will now steer OBL through the next phase in its transition journey. I hope that my recommendations and personal views will be useful as the CMA and JROC decide how to ensure the many benefits of open banking is sustained and developed going forward.
“It has been an honour to act as trustee through the completion of the roadmap, and to engage across the wider ecosystem during this phase. I would like to thank the team at OBL for their hard work in reaching this milestone, as well as the banks and innovators who have helped to make open banking a reality.
“This combined effort and collaboration is delivering better outcomes for consumers and SMEs across the UK.”
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