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ARTICLE · 31 JULY 2019

UK Open Banking Implementation Entity Report Released

McCarthy Tétrault
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On July 16, 2019, the UK Open Banking Implementation Entity released a report titled, "Open Banking: Preparing for Lift Off", which covers current progress, future potential and challenges for Open Banking.

CanadaFinance and Banking
CyberLex Blog
CyberLex Blog
Ana Badour
Ana Badour
Domenic Presta
Domenic Presta
Arie Van Wijngaarden
Arie Van Wijngaarden
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On July 16, 2019, the UK Open Banking Implementation Entity (OBIE) released a report titled, "Open Banking: Preparing for Lift Off" (the OBIE Report), which covers current progress, future potential and challenges for Open Banking. The initial phase of the Open Banking implementation in the UK is scheduled to be completed in September 2019. Further adjustments may follow this milestone.

The OBIE Report is a significant update because the UK has been seen as a global leader in Open Banking. While it is still early to draw conclusions, the OBIE Report's recommendations are relevant to other jurisdictions implementing their own versions of Open Banking who may want to learn from the UK's experience.

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