UK Updates On New Open Banking Entity

Recently, the UK authorities have announced an update on plans for a successor to the Open Banking Implementation Entity (OBIE).

The OBIE was established in 2017 following an order by the Competition and Markets Authority (CMA), by the UNK’s nine leading banks to incorporate the open banking system.

With Open Banking thoroughly set up, the OBIE presently directed by the CMA will be progressed to a new entity in the upcoming year and this will be monitored by the new Joint Regulatory Oversight Committee, which was created earlier this year by the CMA along with HM Treasury, the Financial Conduct Authority and the Payment Systems Regulator.

The committee is presently dealing with fostering the vision for the future of Open Banking and the plan for the future entity. As per the committee, Open Banking ought to advance more prominent competition and innovation to help customers, companies and the wider economy.

Read more: https://www.emeriobanque.com/news/uk-updates-on-new-open-banking-entity