Open banking: setting a standard and enabling innovation

If implemented effectively, open banking will unlock innovation that will transform and improve the customer banking experience.

Open banking Image: Pixabay (CC By 1.0)

Making it possible to share data that banks have historically held will improve people’s banking experience. When securely shared or published openly using open APIs, the data can be used to build useful applications and resources to help people find what they need. Customers can look for a mortgage more easily, banks can find customers matched to a new product, and businesses can share data with their accountants. This, in turn, will improve efficiency and stimulate innovation.

In order to plan for this transformation, we set up the Open Banking Working Group in September 2015 – at the request of HM Treasury – to explore how data could be used to help people transact, save, borrow, lend and invest their money, and to ensure a standard was put in place to protect privacy and ensure the data is secure. As a result, the working group set out an Open Banking Standard to guide how open banking data should be created, shared and used by its owners and those who access it.


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Get involved with open banking

Following our creation of the working group and the open banking standards, the Competition Markets Authority (CMA) are now working with a number of banks to release APIs of their data. If you’d like to find out more on our view on and hopes for open banking, read our piece The open future of banking.

Find out more and get involved with open banking (external site)


Nesta’s Open Up Challenge for small business banking

The Open Up Challenge is a £5m challenge prize by Nesta at the forefront of open banking. To win, you’ll build next-generation services, apps and tools that create game-changing value for UK small businesses. You’ll use new open banking APIs to transform how they discover, access and use business-critical financial services. Prizes will go to the 20 teams from anywhere in the world whose ideas and execution could shape the future of small business banking.

Find out more and get involved