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The Competition and Markets Authority (CMA) has confirmed the full completion of the Open Banking Roadmap, marking a pivotal moment in the evolution of UK banking.
Open Banking Limited (OBL), the UK’s standards setter for open banking, has announced that all nine banks mandated under the CMA’s Retail Banking Market Investigation Order have successfully delivered the required functionality, including the rollout of variable recurring payments (VRPs) for sweeping.
This completion builds on progress made in 2023, when "substantial completion" was achieved.
The Bank of Ireland delivered VRP functionality in August 2023 and was released from its managed rollout (MRO) process in May 2024.
Similarly, AIB completed its rollout in March 2024 and exited the MRO process in August 2024; Danske Bank, which delivered the functionality in October 2022, exited its MRO process in May 2023.
Other major banks, such as NatWest, Barclays and Nationwide, finalised their sweeping processes by early 2023.
"The CMA’s confirmation of the Roadmap’s full completion is a major achievement for open banking in the UK," said Marion King, trustee and chair of OBL.
King paid tribute to the banking providers that have successfully implemented the roadmap, and the ecosystem and wider stakeholders for their hard work and collaboration that allowed this to reach “this major milestone in a relatively short period of time”.
“Thanks to their efforts, we are now able to move closer to a smart data economy in which we unlock the full potential of open banking for consumers and businesses alike,” she said.
Offering smarter tools
The successful delivery of VRPs for sweeping allows third-party providers (TPPs) to collaborate with banks, enabling new financial services.
This functionality enhances customer control over payments, offering greater flexibility and smarter financial tools.
"The rollout of sweeping functionality across all the CMA9 is crucial in extending open banking’s benefits to a broader range of customers," said Henk Van Hulle, CEO of OBL.
According to OBL's announcement, the open banking sector has seen rapid growth in 2024, with more than 11.32m users and 19.54m payments made in July alone, 2.45m of which were VRP-based. The ecosystem is now valued at more than £4bn.
The completion also comes as the UK government prepares to introduce the Digital Information and Smart Data Bill, aiming to extend the benefits of data-sharing across sectors such as energy, telecoms and retail.
The legislation will build on the open banking framework to create a more interconnected and innovative economy.
Dan Turnbull, senior director at the CMA, commented that “the completion of the Roadmap cements the move to the future of Open Banking, one that can expand beyond the scope of the CMA’s Order".
“OBL’s work is vital to the ongoing success of Open Banking,” he said. “We look forward to continuing to work closely with the FCA, PSR and HM Treasury to help deliver the future arrangements for Open Banking.”
Turnbull said the CMA will continue to ensure the standard is maintained and that the nine banking providers are held to their ongoing obligations under the CMA’s order.
