OPEN-BANKING-UK

Mandatory open standard for 9 UK banks.

Definition

Open Banking Implementation Entity (OBIE) publishes the technical standard: OBIE API Suite v3.1.10 (REST/JSON, OAuth 2.0, FAPI). 5.5 million active users in 2024. PSPs regulated by FCA. Migration to UK Open Banking Standard v4 underway.

Origin

CMA decision August 2016 ; standard live 13 January 2018.

Example in context

A UK fintech Monzo uses Open Banking to enable customers to pay rent directly from Lloyds in 1-click.

Related terms

• PSD2 — EU twin.