CMA issues response to Open Banking roadmap revision

Earlier this week the CMA issued a response to the proposed revised Roadmap for Open Banking.

In this response, broadly all proposals by the OBIE (Open Banking Implementation Entity) were agreed to with precautionary measures raised in regards to timescales for delivery with it being possible the CMA9 may need to divert resources to deal with crisis-related activity during the Covid-19 outbreak.

Trustee of the OBIE, Imran Gulamhuseinwala said:

“Today the CMA published an updated Roadmap that will now enable us to complete the implementation of Open Banking.

I am pleased the CMA has substantially approved all the proposals that are intended to improve performance, fill in the gaps in payment functionality and enable greater user adoption. The CMA requires some amendments and further detail on timing to account for the impact of Covid-19.

The CMA shares my view that, whilst we have made good progress, having passed the one million user mark in January, more needs to be done to ensure that we can look back on a successful implementation of Open Banking in the UK and ensure more consumers and businesses are able to use Open Banking to manage their finances.”