Open Banking Limited (OBL) has announced the number of consumers and SMEs using Open Banking services in the UK has reached 7m
IN BRIEF:
- Figures for January show that the combined figure exceeded 7m users
- These numbers are reported by the CMA9, those mandated under the CMA to implement Open Banking
- This comes a month after the completion of the CMA Roadmap and the 5th anniversary of the Second Payment Services Directive (PSD2)
What does this mean?
Marion King, Chair and Trustee of OBL, said: “Open Banking is good for the nation, increasing competition and allowing consumers and SMEs to benefit from new and innovative ways to manage their financial lives. It is encouraging to see that 7 million people have been empowered to take advantage of the benefits of Open Banking. As we await key recommendations on the future vision for Open Banking from the Joint Regulatory Oversight Committee, this strong growth underlines the need to continue the momentum so that the many benefits of Open Banking are developed, promoted, and made available to millions more of our citizens.”
