Open Banking Marks Seven Years of Transforming Financial Services in the UK
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The UK's open banking initiative celebrates its seventh anniversary with remarkable growth, reaching 11.7 million active users and processing over 22.1 million monthly payments. Since the implementation of PSD2 in January 2018, the ecosystem has grown to contribute £4 billion to the UK economy.
The platform's success is evidenced by its robust infrastructure, processing 1.7 billion API calls monthly and facilitating nearly 400 million successful payments since 2018. Of the 22.13 million open banking payments made in November 2024, 3.12 million were variable recurring payments, showing the growing diversity of use cases.
Marion King, Chair and Trustee of OBL reflects: "As we reflect on the last seven years, we should be collectively proud of the financial innovation and the benefits open banking delivers to consumers and businesses, as well as the wider economy." While Henk Van Hulle, CEO of OBL adds: "Open banking is just seven years young, and much has been achieved. Adoption continues to grow month-on-month, with over 11m active users in November 2024."
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