Recently the Open Banking Implementation Entity (OBIE) reported that there were a record number of API calls in May of over 1 billion along with 6 million users and 5 million open banking payments. The OBIE noted that 64% of UK consumers claim their level of savings have improved:
“It’s clear that open banking is continuing to deliver added value to consumers and small businesses in the UK, and our first-class open banking standard and ecosystem continue to lead the way in the uptake of this pioneering technology.”
It was only 4 years ago that Open Banking was little more than a concept – a technology approach that gave data ownership to users while requiring financial service providers to allow these users to easily manage or change services – like switching bank accounts.
Earlier this year, OBIE’s Trustee and Chair, Charlotte Crosswell stated:
“The UK’s leadership in open banking was enabled by our pro-competition approach and the ambition of our regulators and government. This forward looking leadership provided the confidence and the means through which innovation has flourished. I look forward to working in close collaboration with all stakeholders in taking open banking into the future and strengthening the UK’s leadership in this field.”
Maria Palmieri, Director, Public Policy at Yapily, commented on the most recent achievements that highlight utilization:
“The latest milestone is fantastic news for the entire open banking community. The open banking revolution will transform the way people and businesses control and manage their financial lives. We look forward to working with the OBIE and Government to maintain this momentum and supercharge further adoption including the development of a forward-looking open finance framework and a clear governance structure for future regulation in order for the industry to keep up this momentum.”