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New United Kingdom Open Banking entity a step closer


A new UK Open Banking entity is a step closer with further updates from the newly created Open Banking Regularity Oversight Committee which is made up by the HM Treasury, Competition and Markets Authority (CMA) and Regulatory and Payments Systems Regulator to build on the success of Open Banking.

The committee has published initial ideas of the design and future vision of the entity.


  • Unlocking the potential of Open Banking payments to support competition and innovation by creating greater choice between payments methods and enabling exciting opportunities to build the next generation of payments, including more efficient and tailored services.
  • Adopting a model that is scalable for future data sharing propositions; and
  • Establishing a sustainable footing for the ongoing development of the Open Banking ecosystem.

A Strategic Working Group chaired by Bryan Zhang has also been put together and is providing extensive analysis, which reflects the range of stakeholder views on current gaps in Open Banking, potential short and long-term solutions, and the structures required to further develop Open Banking and define a future roadmap.

That entity will encompass a design and responsibilities of:

  • Enabling the development of new Open Banking product and service propositions and support innovation and competition within the financial services sector which benefit consumers and businesses and support economic growth in the UK
  • Providing and maintaining the technical infrastructure and critical services for Open Banking, as well as improving and developing existing and new technical standards
  • Ensuring compatibility with the activities of other key actors in the ecosystem, e.g., Pay.UK in relation to Faster Payments scheme rules


The CMA will soon announce the completion of the current roadmap with a further statement to be release by the committee this month.