Open Banking Limited (OBL) has announced that the number of consumers and SMEs actively using Open Banking powered services in the UK has reached 7 million for the first time.
The user numbers were reported to the OBL by a group of the biggest banks in the UK that are part of the Competition and Markets Authority (CMA9). The banks provide to over 90% of the UK population and are mandated under the CMA Order to implement Open Banking, by sharing their financial information with non-banks organisations in a secure manner.
The latest figures show that in January the combined figure tipped 7 million as open banking payments continue the sustained growth that has been witnessed in recent years.
According to Open Banking Implementation Entity (OBIE) data, for example, there was an average of 239,800 successful open banking payments each day in November 2022. Two years previous, the daily average for November 2020 was just 24,800. With the introduction of more favourable government regulations to what is still a new concept, Open Banking is expected to see further growth globlally in the coming years.
“As we await key recommendations on the future vision for Open Banking from the Joint Regulatory Oversight Committee, this strong growth underlines the need to continue the momentum so that the many benefits of Open Banking are developed, promoted, and made available to millions more of our citizens,” said Marion King, Chair and Trustee of OBL in a statement.
The upward trend comes just one month after the completion of the CMA Roadmap and five years after Open Banking was made a regulator requirement in the UK under the Second Payment Services Directive (PSD2).
Henk Van Hulle, CEO of OBL, added, “I am delighted that we have now reached 7 million active Open Banking users in the UK. It is significant that 1.2 million of these are first-time users. From access to cost-effective credit, building a regular savings habit or making more informed financial decisions – Open Banking is delivering the means for our citizens to improve their financial wellbeing.”
