UK Finance brought the payments industry together to consider the future opportunity for open banking payments and how the market could collaboratively shape that future.
There are now over 2.5 million open banking payments a month compared to just 320,000 in the whole of 2018, and the recommendations in the report will help support the development of more products and services for consumers.
The key recommendations are:
Governance. There should be further development of open banking payment standards, supported by industry governance and an associated technical group. This should be considered following the CMA’s decision on open banking governance and a successor body to the Open Banking Implementation Entity.
Multi-lateral industry framework. There is a case for exploring a voluntary framework for open banking payments - without which there could be fragmentation in the market. Roles, responsibilities and liabilitiesFull report