UK
The UK stands at the forefront of open banking innovation, having pioneered this transformative initiative.
It all began in 2016 with a report by the UK Competition and Markets Authority (CMA), highlighting a lack of competition among the largest banks (CMA9) and limited choices for customers. In response, the UK government mandated the CMA9 to grant licensed third-party providers (TPPs) access to customer data through a single security protocol, laying the foundation for the open banking ecosystem.
Today, the UK is a global leader in Open Banking, with 7 million consumers and small businesses actively using its services. Open Banking has gained popularity, offering innovative financial management tools and empowering individuals with financial control. The UK continues to drive Open Banking adoption, ensuring more people and businesses benefit from this financial revolution.
Updated: November 2023
