CMA chides big banks for Open Banking delays

CMA chides big banks for Open Banking delays

The UK's Competition and Markets Authority has reprimanded five banks for dragging their heels over the delivery of Open Banking functionality within their mobile apps.

Cards and Payments – Part 15 | Understanding Open Banking

#cards #payment #openbanking #paymentprocessing #banking

Hi Everyone , In this video we will look into an new merging concept which is now very popular in the UK and European Markets. It is called Open Banking.
It is a concept that allows financial institutions to share customer data with each other for improving overall efficiency like reducing payment fee and also providing the best value services to the customer.

Understanding and Relevance of Open Banking : 00:00:09
Key Terms and Definitions in Open Banking: 00:03:34
Comparing Traditional Banking with Open Banking: 00:09:27
FCA guidelines on Open Banking : 00:12:52

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Latest API Reference can be found at :

Screenshot of the news on open banking :

Link to CMA

Link to FCA guidelines on Open Banking :

Explaining Open Banking and API Security

The open banking movement is building momentum globally. The use of open APIs enables banks to partner with Financial Technology companies to build new and better digital experiences, but is also generating massive volumes of API calls, which is causing latency and security issues and growing costs in legacy environments. F5 provides security and efficiency for the open banking initiative. Check out the video to learn more!

What is Open Banking?

In Europe, thanks to PSD2 regulations, all banks must provide an API to give users access to their banking data. Developers can build third party apps using the bank APIs to create a seamless connection to a customer’s banking data.

Find our more about Nordigen – Europe’s first free open banking API: https://nordigen.com/

Check if your fintech startup qualifies for Nordigen’s additional free premium insights: https://nordigen.com/en/blog/nordigen-launches-programme-european-startups/

Open Data, Open Banking: Creating a More Competitive Financial Services Ecosystem

Technological advancement and the proliferation of mobile devices has led to an explosion of data that is driving FinTech innovation. In an effort to increase competition in financial services, governments around the world are implementing data access and portability regimes to make banking more inclusive, competitive, and transparent. What can the US learn from such “open banking” efforts? In order to remain both innovative and internationally competitive, what type of data governance should American policymakers consider? What does this mean for banks, FinTechs, and Big Tech platforms?


Melissa Koide
Founder and CEO, FinRegLab; Senior Advisor, Milken Institute


Gilles Gade
Founder, President and CEO, Cross River

Sima Gandhi
Head of Business Development and Strategy, Plaid

Sahil Kini
Co-Founder and CEO, Setu

Craig Schachter
Global Head of Fintech Ecosystem, Finastra

#fintech #banking #bigtech