This post was originally published on The FinTech Times
Seven years after the Second Payment Services Directive (PSD2) was implemented in the UK, which made open banking a regulatory requirement in conjunction with the CMA Order, we take a look at how it has evolved over time, and what the future holds for open banking in the region.
More than 11.7 million users regularly engage with open banking-enabled products in the UK, according to Open Banking Limited (OBL), the organisation leading the UK’s implementation of open banking. Meanwhile, these users make over 22.1 million monthly open banking payments, 3.1 million of which are variable recurring payments (VRPs).
Since 2018, open banking technology has also helped facilitate around 400 million successful payments. By leveraging open banking, OBL aims to provide consumers and businesses with a simple, secure way to move, manage, and make more of their money.
Marion King, trustee and chair of OBL
Marion King, chair and trustee of OBL, said: “As we reflect on the last seven years, we should be collectively proud of the financial innovation and the benefits open banking delivers to consumers and businesses, as well as the wider economy. We’re
— Read the rest of this post, which was originally published on The FinTech Times.
