UK Finance: Sets out strategy for open banking payments

UK Finance: Sets out strategy for open banking payments

• UK Finance brought the payments industry together to consider the future opportunity for open banking payments
• There are now over 2.5 million open banking payments a month compared to just 320,000 in the whole of 2018
• The recommendations in the report will help support the development of more products
• There should be further development of open banking payment standards, supported by industry governance
• This should be considered following the CMA’s decision on open banking governance
• There is a case for exploring a voluntary framework for open banking payments