Open Banking Limited published remarks by its Chair, Marion King, delivered at Pay360 2026, framing UK open banking as moving from a competition remedy to a more innovation-driven model and highlighting new economic analysis on its growth and macroeconomic impact. The speech also set out priorities for the next phase, including a shift in the operating model as the UK moves toward a long-term regulatory framework and the development of commercial schemes on top of shared standards. King cited January 2026 metrics of over 17 million user connections and 36 million payments monthly, and pointed to an EY economic analysis commissioned by Open Banking Limited, titled “Unlocking the everyday”. The analysis estimates £8.3bn in cumulative benefit to date and projects annual economic benefits of £7.4bn after five years if adoption continues on the current trajectory, with a long-term annual opportunity of up to £43bn at full maturity and adoption. The speech highlighted use cases including SME support via cloud accounting platforms, lending affordability assessments using real-time data, and automated savings “sweeps”, and referenced HMRC’s year-on-year growth between January 2025 and January 2026 of 23% in transaction volumes and 38% in transaction value for open banking payments. On implementation, King pointed to progress on commercial Variable Recurring Payments through a commercial scheme, UKPI, funded by 31 firms using Open Banking Limited’s services, with first customer transactions expected “very shortly”. The speech also indicated Open Banking Limited will publish further thinking during 2026 on how artificial intelligence interacts with the Open Banking Standard, including issues arising from the lack of agreed standards for AI-driven payments.

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