UK Moves To Align Open Banking Reforms With PSD2

The Open Banking Implementation Entity (OBIE) said the changes mean that "customers using credit cards, e-wallets and prepaid cards will also be able to take advantage of open banking services" in future.

The open banking reforms were mandated by the UK's Competition and Markets Authority (CMA) at the end of a review it conducted into retail banking. Its vision is for open APIs to be developed to allow third parties to access bank systems at the request of customers so that they can provide a wider range of services to those customers using the account data banks hold. The OBIE is responsible for implementing the reforms and is leading on the development of new standards that will support the use of open APIs.