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Data Portability and Interoperability – UK – June 2021 OECD discussion
As of June 2021, the adoption of open banking has seen significant progress with 9 major banks launching aggregators and 99% provider/account coverage. There are currently around 3 million active users, with high adoption levels among SMEs possibly reaching 50%. The API volume usage is approximately 700 million, indicating robust engagement with open banking solutions.
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Data Portability and Interoperability – UK – June 2021 OECD discussion
- 1. 1 Bill Roberts Head ofOpen Banking Competition and Markets Authority Open banking update June 2021
- 2. 2 Adoption • Banks • 9major banks (and the 4 biggest have all launched aggregators) • 100 smaller ASPSPs • 99% provider/account coverage • TPPs • 95 AISPs and 38 PISPs active in production • c 300 in the pipeline • PISP accelerating • Help for vulnerable consumers • Consumers • API volume usage c700 million • 3 million active users and growing • SMEs • High level of adoption, perhaps as high as 50% • Cloud based accounting software • Finance platforms • Government