Open Banking Limited (OBL) published a keynote speech by CEO Henk Van Hulle delivered at Open Banking Expo 2025 Regulator Day, describing how the UK’s open banking regime is evolving from a regulator-mandated competition remedy into a co-creation model where regulators focus on outcomes and industry leads delivery. The speech positions OBL as a neutral convenor that maintains standards, supports conformance and publishes transparent performance data, and links the Data (Use and Access) Act to a Long Term Regulatory Framework intended to provide a durable footing for open banking and enable a Future Entity. As signals of progress, the speech cites the UK passing 15 million open banking users in summer 2025, typical monthly volumes of “mid-20 million” open banking payments, and HMRC’s use of open banking for tax payments. It also highlights industry-funded preparatory work on commercial Variable Recurring Payments (cVRP) and identifies operational “pressure points” to address, including commercial sustainability and balanced incentives, clearer dispute and redress routes in multi-party journeys, stronger performance transparency on API availability and responsiveness, and interoperability to avoid fragmentation as Smart Data expands beyond banking. Looking ahead, Van Hulle sketches a two-year “success” scenario in which OBL evolves into the Future Entity with a remit spanning standard setting, performance transparency and conformance support under regulatory oversight, alongside more familiar and reliable recurring payments and early open finance expansions into areas such as savings, mortgages and credit, using common consent and verification patterns to support cross-sector Smart Data reuse.
Open Banking Limited 2025-10-29
United Kingdom's Open Banking Limited outlines shift to outcomes-based, industry-led open banking and the Future Entity model
Open Banking Limited CEO Henk Van Hulle's keynote at the Open Banking Expo 2025 Regulator Day discussed the UK's shift to a co-creation open banking model, emphasizing industry-led delivery and regulatory outcome focus. He noted milestones like 15 million users and HMRC's tax payment adoption, while addressing challenges such as commercial sustainability and API performance transparency. Van Hulle projected a two-year evolution into a Future Entity, expanding into open finance with a focus on standard setting and cross-sector Smart Data reuse.