The Open Banking Implementation Entity (OBIE) was set up in 2016 by the UK’s Competition and Markets Authority to deliver a more competitive landscape for customers by creating Applications Programming Interfaces (APIs) standards and security structures that give consumers more control of their financial data.
Open banking is a new, secure way for customers to take control of their financial data and share it with organisations other than their banks. It has the power to revolutionise the way we manage our money by providing greater market choice and control, along with better access to new financial services providers, in a secure environment.
Over 300+ banks and third party providers have adopted, or are in the process of adopting, the OBIE’s standards and service which are driving competition and innovation in the UK, Europe and beyond.