Five Banks Lag Behind on Open Banking – CMA Takes Steps

The Competition and Market Authority's Order on Open Banking comes into force on 13 January 2018. But several banks have notified the CMA that they will not be ready in time. Specifically, these banks have not completed all the work needed to allow third party providers access to data held in customer accounts for account information services and payment initiation.

The CMA has today issued ‘directions’ to several banks setting out in detail what they must to to remedy their non-compliance with the order deadline. The banks in question are Bank of Ireland, Barclays, HSBC, RBS and Santander but the extent to which each is behind schedule varies. The CMA has therefore published an implementation plan tailored to each bank as to when specific work has to be completed, tested and market ready.

The CMA press release and directions for each bank can be found here.

FROM SOCIAL MEDIA

Ann LaFrance from @SPB_Global analyses recent UK Government action on AI for techUK AI Week, asking whether the UK… https://t.co/lZdnZuFiUh
"Can we really teach AI technology to embrace data protection principles?" Ivana Bartoletti from @Gemservhttps://t.co/ziq9PzhpBT
Last call for nominations for The WinTechSeries Awards 2018, celebrating the contributions of inspirational women a… https://t.co/glWezqaOMi
For techUK AI Week, @bgmorri from @splunk examines some of the challenges the cybersecurity field faces and how mac… https://t.co/2nKyeDMdAU
Far from turning society into a 1984-style dystopia, Ewan Anderson from @CapitaPlc explains the advantages of using… https://t.co/SGX1IaqzVg
.@maria_axente from @PwC_UK and @Tim_McGarr from @BSI_UK take us through the results of their study on AI standardi… https://t.co/Pu0WuSbfkn