همفکران فناوری شریف
1Introduction
UK open banking resulted from the Competition and Markets Authority’s retail banking investigation. In 2017 the CMA required the nine largest banks to build standardised APIs so customers could, with consent, share account data with regulated firms or pay through them. It launched in January 2018.
2Discussion
An independent Open Banking Implementation Entity set technical, security and customer-experience standards. Standardisation let a fintech integrate once and reach all major banks.
3Conclusion
A flagship use case is variable recurring payments (VRP), mandated for “sweeping” money between a customer’s own accounts. The UK shows that regulatory mandate and shared standards are key to open banking.
Sources
همفکران فناوری شریفThis article summarises the official sources cited, prepared by the Hamfekran Fanavari Sharif team for finance leaders.
Want to see these solutions in your organisation?Book a free demo
