UK Finance publishes details for future open banking model

UK Finance has published proposals for a new service company to support the UK’s open banking infrastructure.

Open banking provides a secure way for financial information to be shared across different finance providers.

The technology enables services such as account aggregation, meaning customers who have accounts with a number of banks can see all of their account information in one place.

Last June, UK Finance suggested a model which would see the continuation of open banking functions move into a new service company, as the final stages of the Competition and Market Authority’s (CMA) implementation roadmap come to an end this year.

The banking body’s latest proposals detail how this service company will operate, as well as the process for a smooth transition from the current Open Banking Implementation Entity (OBIE). The proposed service takes into account the requirement made by the CMA of the UK’s largest nine banks.

UK Finance stated that the new service company will enable UK consumers, small businesses and corporates to benefit from a “highly efficient, safe and reliable” open data and payments market.

“Open banking is a prime example of the UK’s position as a global leader on financial innovation that benefits and protects the consumer,” UK Finance managing director of payments, Jana Mackintosh, commented.

“We know that it is vital that the industry works together to realise the opportunities for even greater innovation of a new generation of banking-related products and services. Our proposed model for the future service company will help facilitate these exciting developments for years to come.”

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