Article ID: 661c9d1badbaf89033e1676c36139ce5e7677d82834acfba36a2c74e4b54448c
Source ID: regulatory:fca.org.uk
Published At: -
Extraction Method: trafilatura
URL: https://www.fca.org.uk/firms/open-banking-open-finance
Body Text
Open banking Open banking is a secure and regulated way for people and businesses to share access to payments data from their bank account with trusted apps and services. Advice for consumersOpen finance Open finance extends data-sharing principles to a wider range of services and products – from credit to mortgages, pensions and insurance – giving consumers greater control over their financial data. Learn moreOur strategic goals Our vision is enable a thriving, sustainable open banking ecosystem that drives competition, innovation, and growth in the UK. Here’s what that means in practice: Accessible and valuable Open banking should be easy to use, widely available, and deliver clear benefits to consumers and small businesses. Safe and secure Protecting users’ data and payments is paramount. The framework will ensure appropriate consumer protections and fight financial crime. Scalable and responsive The regulatory framework must be flexible enough to handle growing demand and adapt to new products and services. Interoperable Open banking should work smoothly not just within the UK, but also across borders. Promoting competition and innovation Open banking should foster competition and innovation, unlocking opportunities for growth and better services for everyone. Recent highlights Open banking: a year of progress With over 16 million active users and a 53% year-on-year growth in payments, open banking in the UK has reached new heights. Our vision for 2026Smart Data Accelerator Help shape the direction of open finance and open banking. Our Accelerator is a secure, dedicated space for research and testing. Get involvedOur research We commissioned research on the current state of open banking services and to shape the UK’s open finance strategy. Learn more
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