Open Banking is a UK initiative driven by the Competition and Markets Authority. It aims to open data access and standardise technical specifications across the finance industry so that consumers and businesses in the UK have better access and control over their data. This includes the ability for them to share their financial data across organisations other than banks.
The initiative became fully operational in January 2018.
TrueLayer is working with financial institutions across the UK to provide easy access to the OpenBanking platform. Our APIs are Open Banking compliant.
More information can be found at Open Banking.
Open Banking and PSD2
Open Banking and PSD2 are complementary regulatory initiatives.
The Open Banking initiative is the first industry wide effort to deliver some of the benefits of PSD2. For UK businesses and consumers, this is a good news- this increases competition and lowers barriers to entry. Meaning, more choice, affordability, variety of services, and options for adoption.
Open Banking outside the UK
There are a handful of other countries in the EU working together to replicate the UK’s Open Banking standards.
TrueLayer is an active participant in these discussions and we will build our APIs to these EU standards, as they are finalised.
Open Banking as a concept is in consultative stages with the Australian regulators and financial institutions.
Singapore and Hong Kong are reviewing the UK’s approach to Open Banking and taking a wait and see approach.
Both the Monetary Authority of Singapore and the Hong Kong Monetary Authority are known for their progressive, forward thinking approach to the role financial technology can have in their local economies, and so it comes as no surprise, that both geographies are looking at Open Banking as a way to broaden choice and foster competition in their local markets.
TrueLayer is actively monitoring and participating in broad discussions with both regulators.