Open Banking Future State Report

A report outlining recommendations for a proposed model to support the future provision of Open Banking Services following the closure of the Implementation Roadmap

Since 2016 the UK has been developing a world leading open banking ecosystem. The Open Banking Implementation Entity (OBIE), overseen by the Implementation Trustee, has played a key enabling role in: developing the standards, providing operational and technical services (such as the Directory), and generally supporting the open banking community.

There have been some major developments in this journey, including the extension of OBIE in the November 2017 Roadmap to cover PSD2 standards, and a second revision of the Roadmap in 2018. The CMA has recently published the proposed third and final Roadmap. The Trustee has said that after this Roadmap is successfully delivered, it will bring the Open Banking implementation phase to a close.

At the end of the delivery of the Roadmap, the OBIE cannot be simply wound up. Functions that the wider ecosystem depend on will need to continue: such as maintenance of Open API Standards and the provision of a directory of whitelisted Open Banking participants. Additionally, there is a case to be made that a future Open Banking Limited (OBL) has a further role to play in continuing to expand and develop a progressive, competitive banking landscape.

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