/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

UK Finance explores future strategy for Open Banking payments

UK Finance brought the payments industry together to consider the future opportunity for open banking payments and how the market could collaboratively shape that future.

  0 Be the first to comment

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

There are now over 2.5 million open banking payments a month compared to just 320,000 in the whole of 2018, and the recommendations in the report will help support the development of more products and services for consumers.

The key recommendations are:

Governance. There should be further development of open banking payment standards, supported by industry governance and an associated technical group. This should be considered following the CMA’s decision on open banking governance and a successor body to the Open Banking Implementation Entity.
Multi-lateral industry framework. There is a case for exploring a voluntary framework for open banking payments - without which there could be fragmentation in the market. Roles, responsibilities and liabilities

Full report.

Sponsored [New Impact Study] Catering to a new generation through unified card programmes

Related Company

Channels

Keywords

Comments: (0)

New Report – The Future of AI in Financial Services 2025Finextra PromotedNew Report – The Future of AI in Financial Services 2025