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Open Banking

Open banking connects banks, third-parties and technical providers – enabling them to simply and securely exchange data to their customers' benefit.

Open Banking is a pioneering initiative designed to increase competition and innovation in the UK’s banking market. It is the first significant attempt to use technology to rebalance markets in favour of consumers. Its objective is to allow bank customers to securely share their data with third parties so a broad range of businesses can compete to provide bank customers with better financial services, more choice and lower prices.

Open Banking was the first Smart Data Scheme, it provides three key mechanisms that help organisations enable innovation within the banking sector:

This data ecosystem map shows how Barclays uses Open Banking to deliver benefits to customers:

Through the Open Banking ecosystem, Barclays is able to provide additional services, work with innovative startups, and gain better knowledge of their customers. Explore the map herearrow-up-right.

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Open Banking Standard

The Standard is designed to assist any European account providers in meeting their PSD2 and RTS requirements as well as supporting their application for an exemption from the contingency mechanism. This market-enabling Standard is built in an optional modular format to most effectively meet consumer and market needs

Description: The Open Banking Standardarrow-up-right is designed to assist any European account providers in meeting their PSD2 and RTS requirements as well as supporting their application for an exemption from the contingency mechanism. This market-enabling Standard is built in an optional modular format to most effectively meet consumer and market needs

Owner: Open Banking Limited

Sector: Finance

Duration: 2017 -

Cost: Ongoing costs include:

  • FYE '20: £4.6M

  • FYE '19: £7.4M

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Open Banking Directory Sandbox

A developer sandbox for Account Servicing Payment Service Providers (ASPSPs) and Third Party Providers (TPPs) to test their services and Technical Service Providers (TSPs) to test their open banking technologies.

Description: The Open Banking Directory Sandboxarrow-up-right provides an environment and dummy data to test services and open banking technologies.

Owner: Open Banking Limited

Sector: Finance

Duration: 2017 -

Cost: Ongoing costs include:

  • FYE '20: £4.6M

  • FYE '19: £7.4M

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Open Banking Ecosystem / App Store

The Open Banking App Store is a catalogue of open banking enabled-apps and services.

Description: The Open Banking App Storearrow-up-right helps consumers and businesses to discover fully regulated and secure apps and services that are open banking-enabled. It supports potential users to compare products, and quickly understand the functionality of each, based on standardised categories.

Owner: Open Banking Limited

Sector: Finance

Duration: 2017 -

Cost: Ongoing costs include:

  • FYE '20: £4.6M

  • FYE '19: £7.4M

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