LONDON—More than six million individuals and businesses in the U.K. now regularly use open banking services, the country’s Open Banking Implementation Entity (OBIE) is reporting.
OBIE is a standards-setting body for the sector, and it releases an open banking report twice a year, Pymnts.com noted.
“From allowing people to get their mortgage approved more quickly to paying … utility bills or (making) charitable donations, the products available continue to grow and are becoming more visible,” Charlotte Crosswell, OBIE chair and trustee, said in a prepared statement accompanying the group’s report.
The report also found that approximately 10% of digitally-enabled consumers and small businesses used some sort of open banking service during March 2022 — up from 6% to 7% in March 2021.
Additional Findings
Additionally, the report said it found business-market penetration for open banking stands at about 11% compared with consumer-market penetration of 10%. The report’s authors noted that businesses were quick to adopt open banking-based products and consumers are catching up, Pymnts.com said.
Over the past six months, according to the report, payment volume on open banking-related services has increased dramatically — around 21.1 million transactions over the six months through March 2022, compared with 6.1 million during the same six-month stretch ending in March 2021, according to Pymnts.com.
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