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.

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