EmerioBanque

UK Updates On New Open Banking Entity

Recently, the UK authorities have announced an update on plans for a successor to the Open Banking Implementation Entity (OBIE).

The OBIE was established in 2017 following an order by the Competition and Markets Authority (CMA), by the UNK’s nine leading banks to incorporate the open banking system.

With Open Banking thoroughly set up, the OBIE presently directed by the CMA will be progressed to a new entity in the upcoming year and this will be monitored by the new Joint Regulatory Oversight Committee, which was created earlier this year by the CMA along with HM Treasury, the Financial Conduct Authority and the Payment Systems Regulator.

Recommended Read: UK Export Finance Grants £6 Billion Support to SME Exporters

The committee is presently dealing with fostering the vision for the future of Open Banking and the plan for the future entity. As per the committee, Open Banking ought to advance more prominent competition and innovation to help customers, companies and the wider economy. It has distinguished three priorities to realize this vision:

1. Revealing the capability of Open Banking payments to aid competition & innovation by making noteworthy decisions between payment methods and the structure of the next generation of payments, including more productive & tailored services.
2. Taking on a model which is versatile for future data-sharing suggestions 
3. Laying out a sustainable balance for the continuous improvement of the Open Banking ecosystem.

A strategic administrative group, controlled by Bryan Zhang, is set to report back to the council on a few complexities in January.

With respect to the plan of the future entity, the controllers expect its liabilities should include:

1. Empowering the development of new Open Banking products & service propositions and supporting innovation & competition within the financial services sector that can help consumers and businesses & support economic development in the UK.
2. Providing & keeping up with the technical frameworks and essential services for Open Banking, as well as improving & creating existing and new technical standards.
3. Guaranteeing compatibility with the exercise of other important factors in the ecosystem, for example, Pay.UK according to Faster Payment scheme rules.

To ensure it can work properly, the council is finalizing the entity’s design, with a long-term administrative framework set up to take into consideration of the CMA Order to be varied or revoked. 

Recommended Read: UK Export Finance To Invest $4.83 Billion In Moroccan Trade To Strengthen Trade Ties

On financing, the update says, “In the long-term, the financing & liability arrangements of the future entity should be broad-based and fair with the financing of the entity shared across all clients in a productive and proportionate manner that mirrors the level and design of the fundamental costs.”

Finally, on administration, “The entity ought to be free and supported by a bunch of values and cultures including a focus on reliability and supporting ethical behaviours.”

Committee co-chairs, the FCA's Sheldon Mills, and the PSR’s Chris Hemsley stated, “Open Banking & its future keep on being fundamentally important for the FCA and the PSR. Along with the board & industry, we are dedicated to its progress with development and advancement. Completely realized, Open Banking and then open finance can ensure further benefits to consumers & businesses and will assist the UK with becoming more competitive and innovative.”

“This implies supporting new use cases, supporting innovation and competition in data sharing & payments, and setting the vision for future developments. We will, with the other members of the committee, work intimately with industry and big stakeholders to establish a future entity that will provide these results.”





Other news

Exchange Rates

Currency Buy Sell
EUR USD 1.06 1.10
EUR GBP 0.86 0.89
EUR CHF 1.02 1.06
EUR AUD 1.72 1.70
EUR JPY 116.08 116.56
EUR MYR 4.50 4.77
EUR SGD 1.53 1.57
EUR HKD 8.27 8.53
EUR CAD 1.54 53.84
EUR DKK 9.75 1.55

Most Recent Blogs View All Blogs

22 Nov

How Banks Can Parlay Technology into a Competitive Edge

Technology has become a new basis for banks in order to survive in the competition. Leading banks us...

21 Nov

Trade Credit Finance: The Advantages and Disadvantages

The Trade credit is basically a kind of short-term financing which permits the businesses to purchas...

15 Nov

International Trade Finance Trends: What To Expect In 2023

International trade finance is considered as the dynamic along with an ever-evolving field which als...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.