OBL will continue to lead open banking transition
Open Banking Limited (OBL) will continue to lead the roll-out of open banking in the UK, it has been confirmed.
The entity will be responsible for monitoring the performance of the nine biggest current account providers in the UK, as more and more people opt to use open banking.
OBL was established in 2016 as the Open Banking Implementation Entity, or OBIE. Its initial remit was to create a shared API for the nine largest UK banks to allow customers to safely and securely share their data.
Earlier this year it was announced that more than seven million consumers and small- and medium-sized enterprises (SMEs) were using open banking services, in the latest milestone for the data-sharing technology.
The Joint Regulatory Oversight Committee (JROC), which is made up of HM Treasury, Competition and Markets Authority (CMA), Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), have now published their vision for the future of open banking.
Read more: SMEs faster to adopt open banking than consumers
This will include the creation of a new JROC roadmap to continue the development of open banking standards; and the development of a new long-term regulatory framework that will build on the payment services regulations and replace the current CMA open banking order.
“Today’s announcement by the JROC secures the future for our thriving open banking ecosystem in the UK,” said Marion King, OBL chair and trustee.
“In just over five years, the UK’s approach to open banking has created a world-leading regulatory framework delivering competition, innovation and, most importantly, real-world benefits to seven million consumers and small businesses.
“JROC’s recommendations and other government initiatives will allow us to maintain momentum, and for the UK to extend the benefits of open banking into other financial services and sectors through open finance and smart data, benefiting millions more users.”
Read more: Open banking body adds regulatory expert to board