Open Banking was launched in the UK in 2017 as part of a package of improvements following the Competition and Markets Authority’s (CMA) market investigation into retail banking.
The CMA ordered the 9 largest retail banking providers in the United Kingdom to open up customer data using secure data protocols.
To deliver this outcome, banking providers were required to establish an independent Open Banking Implementation Entity (OBIE).
Open Banking enables consumers and businesses to share their transaction data securely with trusted third parties, who can provide customers with applications and services which save them time and money.
The evolving landscape of Open Banking is relevant to broader questions regarding intellectual property. While it fosters competition and innovation in the financial services industry, there is a need to address IP considerations to ensure a fair balance between data access and protection of proprietary information.