The Joint Regulatory Oversight Committee (JROC) sets out its vision for a new entity to replace the Open Banking Implementation Entity in guiding the future roadmap and the principles that will underpin a long-term regulatory framework, which the Government is intending to legislate for.
Open Banking Limited (OBL) welcomes the Joint Regulatory Oversight Committee’s (JROC) Report published on 17 April 2023. This Report provides a clear vision for the future of open banking and sets out the next steps that will ensure its continued growth and success.
OBL will now review the Report’s recommendations and actions and work with JROC and other relevant stakeholders to deliver these.
„We will continue to protect and maintain the CMA’s Retail Banking Market Investigation Order and its ongoing requirements on the CMA9 (Allied Irish Bank; Bank of Ireland; Barclays; Danske; HSBC; Lloyds Banking Group; Nationwide; NatWest; Santander) as we move beyond the Order and transition to a future entity.” – according to the press release.
Open banking is a UK success story
Today, in the UK, over 7 million consumers and businesses (of which 750,000 are small to medium-sized enterprises (SMEs)) are using innovative open banking enabled products and services to manage their money and to make payments.
Open banking payments have more than doubled, with over 68 million open banking payments in 2022 (up from 25 million in 2021) and over a billion successful Application Programming Interface (API) calls a month (since May 2022).
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More details: Recommendations for the next phase of the open banking in the UK
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
