Open Banking use predicted to surge in next 4 years

A new study from Juniper Research has found that Open Banking usage will grow by 470% over the next 4 years, with the total number of API (Application Programming Interface) calls generated via Open Banking to exceed 580 billion by 2027, from only 102 billion in 2023. Strong interest in new Open Banking-based services, such…

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Regulators back open banking advances

18th April 2023 Consumer Lending | #open banking

The Financial Conduct Authority and the Payment Systems Regulator have launched a fresh push to encourage more competition in banking services via third-party firms. As co-chairs of the Joint Regulatory Oversight Committee, the regulators issued a joint statement saying: “While significant progress has been made, there is more to be done to deliver the full…

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Over 750,000 SMEs using open banking services

Research by Open Banking has revealed that at least 750,000 SMEs now integrate their bank accounts with third-party services to reduce the cost of transactions and help to manage cash flow. The research also revealed that the number of open banking payments has more than doubled last year to 68 million with small firms adopting…

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Open Banking sector at vital crossroads

31st March 2023 Consumer Lending | #open banking

New research by lobbying group Coalition for a Digital Economy (Coadec) that the sector is at a ‘vital crossroads.’ The open banking sector has created 4800 jobs and is valued at £4.1 billion. The policy group has based its analysis on data from 82 fintechs active in the open banking sector. The value of the…

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Credit affordability decisioning tool launches

22nd March 2023 Company News | #open banking

A new credit decisioning tool, Fuse by Pave, has launched which claims it can offer lenders 97% accuracy in affordability tests, clearer insights into consumer affordability, reduced rate of defaulted loans, and improvements to borrower outcomes. In addition to improved accuracy in affordability testing, which uses Open Banking technology it also offers lenders personalised insights…

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Open Banking payments transactions predicted to exceed $330bn by 2027

13th February 2023 Consumer Lending | #open banking

A new study from Juniper Research has found that global Open Banking payments transaction values will exceed $330 billion globally by 2027; up from $57 billion in 2023.  Juniper predicts that the development of new use cases, such as bill payments via Open Banking, will drive adoption, given Open Banking’s simplicity of use versus alternatives,…

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Millions of customers benefit as Open Banking enters a ‘new phase’

13th January 2023 Consumer Lending | #open banking

The Competition and Markets Authority (CMA) has determined that the six largest banks Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander have implemented the requirements of the Open Banking roadmap. Open Banking was launched in the UK in 2017 as part of a package of improvements following the Competition and Markets Authority’s (CMA) market investigation into…

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FEATURE: Open Banking in Consumer Lending – A Game Changer?

It’s been nearly five years since Open Banking was launched in the UK, and although initial adoption rates were somewhat lower than expected, there is evidence that the platform may be a ‘slow burner’. Recent research suggests that usage is now growing rapidly, with the number of Open Banking transactions growing 10% month on month*. …

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Quarter of self employed struggle to access financial services

New research from open banking platform, Tink, reveals that over a quarter (28%) of the UK’s self-employed struggle to access the financial services they require, leading many to believe the current system works against them due to their employment status. According to the survey of consumers, a stark 27% of self-employed people feel they have…

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Open Banking growth driven by post pandemic digital acceleration

18th July 2022 Consumer Lending | #open banking

Open Banking adoption is growing, driven by the rapid digitisation of finance  according to the data from global information and insights company, TransUnion. The Open Banking data shows that financial institutions have been experiencing the highest volume of Open Banking transactions, caused in part by banking becoming more digitised during the pandemic. Shail Deep, chief…

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Call for Open Banking to become a legal requirement for assessing borrowing affordability

Buy now, pay later (BNPL) finance firm, Payl8r, is calling for the adoption of open banking as a legal requirement for credit assessing in the same way that credit checks are, to ensure safer lending for borrowers in the face of rising costs of living. Payl8r says open banking technology connects banks, third parties and…

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CMA publishes Open Banking report

The Competition and Markets Authority (CMA) has published the findings and recommendations of a review by Kirstin Baker, one of its independent non-executive Directors, to identify lessons from Open Banking for the CMA’s approach to designing, implementing and monitoring remedies in its market investigations. Open Banking was introduced following the CMA’s Retail Banking Market Investigation,…

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CMA announces next steps on future oversight of Open Banking

28th March 2022 Consumer Lending | #open banking

The Competition and Markets Authority (CMA) has published its recommendations for the future oversight and governance of Open Banking. The CMA’s recommendations will be taken into consideration in the design of a future entity to succeed the Open Banking Implementation Entity (OBIE). The future entity would build on the significant progress made to date by…

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