Six years after being instated by the Competition and Markets Authority’s (CMA) Retail Banking Market Investigation Order, open banking – an avant-garde technology enabling consumers and businesses to tap their transaction data to access more personalised financial services – is enjoying significant highs.
According to Open Banking Ltd, the entity formed in 2016 to oversee open banking’s implementation, the performance in July represents a 9.3% increase in the total amount of open banking payments recorded the month prior, with June recording 10.43 million payments accordingly.
In addition, total payments in open banking have demonstrated a 102.4% rise in year-to-date data, from the 5.63 million total payments recorded in July 2022.
