The introduction of Open Banking Standard in January 2018, which took place over six years ago, has led to substantial advancements in the UK banking and fintech landscape. These initiatives have significantly improved user experiences and broadened the range of products available to consumers.
An influx of startups has taken place, with companies like Monzo and Starling leading the charge. In addition, well-established brands like Tesco are now offering banking services begun to provide banking services.
What about Open Finance?
The year 2019 was marked by considerable optimism and active discussions regarding Open Finance, but the COVID-19 pandemic resulted in minimal advancements. Nonetheless, our experts have observed that marginal activities in Open Finance began to pick up again in 2022.
According to expert analysis, the year 2024 is likely to be a significant turning point for Open Finance, as there are emerging signs of major banks implementing these initiatives.
Open Economy?
There are emerging indications of initiatives aimed at fostering open economies, highlighted by the implementation of ISO 20022 among prominent banking services and payment providers.
At this stage, it is premature to draw conclusions; nonetheless, there is a significant demand for regulatory advancements in the UK, especially within the EU and internationally. We will wait to see how economies unfold in the next 18 months.