Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander have now come to the end of their implementation
IN BRIEF:
The project celebrated its 5th anniversary since launch today, with six of the UK’s largest banks having completed their rollouts of open banking
Active users of open banking in the UK have also risen to 6.5 million, up from 6 million in June last year
Three of the remaining CMA9 still have to complete their rollout (Allied Irish Bank, Bank of Ireland and Danske). The CMA has said it would consider “enforcement action” against these banks to ensure the rollout is finished
What does this mean?
Charlotte Crosswell OBE, the outgoing chair and trustee of the OBIE, commented, “as we look back over the last five years, our thriving ecosystem should be immensely proud of the financial innovation and benefits they have delivered to consumers and businesses, not only is this helping millions of people across the UK with their day-to day financial management, but crucially, their ability to navigate the impact of the pandemic, rising cost of living and other unexpected financial shocks.”
