There are now more than six million active users of open banking, the Open Banking Implementation Entity (OBIE) has confirmed.
According to the latest data from the OBIE, the open banking community made a record one billion API calls during May 2022, which indicates a “huge rise in activity” since the open banking technology was first introduced in July 2017.
Furthermore, the OBIE reported that businesses and consumers made five million open banking-driven payments throughout May 2022 – another record.
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“Once again this demonstrates that consumers and small businesses are reaping the rewards of using open banking to keep on top of expenditure and daily budgeting, cut card-processing costs, and shop around for better financial products and services,” said David Beardmore, ecosystem development director at the OBIE.
“It’s clear that open banking is continuing to deliver added value to consumers and small businesses in the UK, and our first-class open banking standard and ecosystem continue to lead the way in the uptake of this pioneering technology.”
The latest milestones were hailed as being “fantastic news for the entire open banking community,” by Maria Palmieri, director of public policy at open banking provider Yapily.
“The open banking revolution will transform the way people and businesses control and manage their financial lives,” she added.
“We look forward to working with the OBIE and government to maintain this momentum and supercharge further adoption including the development of a forward-looking open finance framework and a clear governance structure for future regulation in order for the industry to keep up this momentum.”