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UK Finance: Sets out strategy for open banking payments

UK Finance: Sets out strategy for open banking payments

  • UK Finance brought the payments industry together to consider the future opportunity for open banking payments
  • There are now over 2.5 million open banking payments a month compared to just 320,000 in the whole of 2018
  • The recommendations in the report will help support the development of more products
  • There should be further development of open banking payment standards, supported by industry governance
  • This should be considered following the CMA’s decision on open banking governance
  • There is a case for exploring a voluntary framework for open banking payments
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Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

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