The Open Banking Implementation Entity (OBIE) is now looking to the Joint Regulatory Oversight Committee (JROC) for their future decisions, and CMA input will also be integrated.

Over the last five years, open banking has amassed 6.5 million active users in the UK. Additionally, there are 1 billion application programming interface (API) calls executed per month, and 7.5 million open banking-powered payments as of December 2022.

The UK took a different approach from their European neighbours by mandating and enforcing a single standard for open banking. Across five years 246 regulated third-party providers have been established in the UK, compared to 388 in the entire European Economic Area.

Sarah Cardell, chief executive of the CMA, said: “This update is an important milestone. The majority of banks have completed the roadmap, and so open banking moves into a new phase. The OBIE’s work is vital to the ongoing success of Open Banking, and we look forward to continuing to work closely with the FCA, PSR and HM Treasury to help deliver the future arrangements for Open Banking.”

Chair and trustee of the OBIE, Charlotte Crosswell OBE, commented: “As we look back over the last five years, our thriving ecosystem should be immensely proud of the financial innovation and benefits they have delivered to consumers and businesses. Not only is this helping millions of people across the UK with their day-to day financial management, but crucially, their ability to navigate the impact of the pandemic, rising cost of living and other unexpected financial shocks.”

Henk Van Hulle, chief executive officer of the OBIE, added: “As we mark this milestone, it is important to note there is still more to do to build on these strong foundations so we can continue to build the best environment for Open Banking to reach its full potential."