Open Banking Limited (OBL) published a proposal asking UK open banking ecosystem participants to support OBL acting as the independent facilitator of an industry-led process to design the Future Entity (FE), following the Financial Conduct Authority’s request that trade associations and firms agree who should facilitate the FE’s design. The proposal is positioned as the next step for an ecosystem OBL says now exceeds 16 million user connections, 2 billion monthly API calls and 34 million monthly payments. OBL’s proposed process is intended to give different parts of the ecosystem a proportionate voice, ensure neutrality and transparency, and produce a majority-supported FE blueprint aligned with the FCA’s direction, while leaving decision-making authority solely with industry. Governance would include an FE Design Working Group made up of funders that feeds into an independently chaired FE Steering Group, with working group members able to nominate and vote for steering group representatives. Funding would be tiered, starting at GBP 750 for small TPPs and GBP 1,500 for small ASPSPs, with OBL stating the programme is already fully funded and additional participants would reduce contributions for all; organisations can also support without funding and receive programme updates. Participants are asked to confirm support to the FCA by 30 January.
Open Banking Limited 2026-01-27
UK's Open Banking Limited seeks industry backing to independently facilitate design of the Future Entity
Open Banking Limited (OBL) has proposed to facilitate the design of the Future Entity (FE) for the UK open banking ecosystem, following the Financial Conduct Authority's request for industry-led facilitation. The proposal aims to ensure neutrality, transparency, and proportional representation, with governance structured around an FE Design Working Group and an independently chaired FE Steering Group, while funding is tiered and fully covered.