CMA | Jan 12, 2023

The 6 largest banking providers in the UK have implemented fully the standards required by the CMA to deliver Open Banking, helping provide innovative services to millions of account holders, securely. The substantive completion of the Roadmap signals the start of a new phase for Open Banking.

Open Banking was launched in the UK in 2017. The CMA ordered the 9 largest retail banking providers in the United Kingdom to open up customer data using secure data protocols. To deliver this outcome, banking providers were required to establish an independent Open Banking Implementation Entity (OBIE), currently overseen and chaired by Charlotte Crosswell OBE as Implementation Trustee. A Roadmap was put in place that set out the specific requirements on the 9 banking providers.

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Following a report from the Implementation Trustee, the CMA has determined that the 6 largest banking providers in the UK (Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander) have now implemented all the requirements of the Open Banking Roadmap, and the Roadmap is therefore substantially complete.

• Open Banking enables consumers and businesses to share their transaction data securely with trusted third parties, who can provide customers with applications and services which save them time and money.
• In a market where larger, established banks have accounted for over 80% of the current account market for many years, Open Banking improves financial decision making for consumers and drives down costs for small and medium sized businesses, boosting competition and innovation.
• Open Banking now has over 6 million active users in the UK who will continue to benefit as Open Banking reaches this important milestone.
• Open Banking is widely recognised as a major success, with many other countries considering similar open standards.

Despite having implemented the requirements of the Open Banking Roadmap, the 6 banking providers have continuing obligations under the CMA’s Retail Banking Order, to allow customers to access their data securely and benefit from Open Banking. The OBIE will continue to ensure that the 6 banking providers maintain the required standards and will promote Open Banking to encourage industry adoption.

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Alongside this, the OBIE will continue its work to ensure that the 3 remaining major banks (Allied Irish Bank, Bank of Ireland and Danske) that have not implemented all of the requirements of the Open Banking Roadmap do so as soon as feasible. To support the OBIE in this, the CMA will consider enforcement action as appropriate to ensure this happens in a timely way.