Oliver Prill, CEO of UK FinTech Tide, has said that the uptake of open banking in the UK has been “slow”.
In Brief:
Prill is suggesting that banks should be allowed to charge for access to data.
It would mean FinTechs paying, under Prill’s suggestion, “a modest fee”.
Charging for access is currently blocked by EU regulation.
What does this mean?
The comments follow the Open Banking Implementation Entity (OBIE)’s report Annual report which outlined only three million UK customers and businesses were using open banking enabled products at the beginning of the year.
Prill says that larger financial institutions have been “foot-dragging” due to the perceived threat and “unwelcome” cost of open banking.
Tide has submitted these comments to the Competition and Marketing Authority (CMA) review around the Future Entity (FE) that is set to replace OBIE.
