UK's Open Banking Limited (OBL) published a seventh-anniversary update on the UK’s implementation of the Second Payment Services Directive (PSD2), reporting continued growth in open banking usage and positioning the Data (Use and Access) Bill as the legislative pathway toward a long-term regulatory framework for open banking and an evolution into open finance. PSD2 was implemented in the UK on 13 January 2018 and, alongside the Competition and Markets Authority’s Order, made open banking a regulatory requirement. OBL reported 11.7 million regular users of open banking-powered technology, around 1.7 billion application programming interface calls per month, and 22.13 million open banking payments in November 2024, including 3.12 million variable recurring payments, with nearly 400 million successful payments since 2018. It also referenced an ecosystem worth GBP 4 billion and said the Bill would enable secondary legislation needed to establish a commercially sustainable long-term regulatory framework, while supporting additional smart data schemes, including open finance spanning products such as investments, insurance and pensions, and potentially extending to sectors such as energy and telecoms. OBL indicated that 2025 is expected to be a transition year to a new entity and to move beyond open banking’s origins as a competition remedy, with a focus on interoperability as the market looks to enable cross-border data sharing.
Open Banking Limited 2025-01-13
UK's Open Banking Limited marks seven years of PSD2 and highlights Data Use and Access Bill as route to a long term open banking framework
Open Banking Limited (OBL) celebrated the seventh anniversary of the UK's PSD2, noting growth in open banking and the Data (Use and Access) Bill as a path to a long-term regulatory framework. OBL reported 11.7 million users, 1.7 billion API calls monthly, and 22.13 million payments in November 2024, with an ecosystem valued at GBP 4 billion. The Bill supports open finance and smart data schemes, with 2025 as a transition year for interoperability and cross-border data sharing.