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TECHNOLOGY, OUTSOURCING, AND COMMERCIAL TRANSACTIONS
NEWS FOR LAWYERS AND SOURCING PROFESSIONALS

In December 2019, we published a blog post introducing open banking; here, we provide an update for 2020. To briefly summarize, open banking comprises a set of rules which permit third-party providers (TPPs) of financial services to access a customer’s financial data with their explicit consent.

In the United Kingdom, open banking is delivered through the Open Banking Implementation Entity (OBIE), which was established by the Competition and Markets Authority (CMA). All TPPs must be authorized by the UK’s financial regulator, the FCA. As of July 2020, there are 267 regulated providers, up from 104 at the beginning of 2019.