Marion King, former director of payments at NatWest Group and president of Mastercard UK and Ireland, has been appointed chair and trustee of the Open Banking Implementation Entity (OBIE).
She will succeed Charlotte Crosswell, who is stepping down from the OBIE on 31 January 2023, following the completion of her trustee mandate.
King, who commences her trustee mandate on 1 February, said: “Open Banking is a UK success story and exemplifies the very best of UK innovation and entrepreneurship, providing benefits to over 6.5 million consumers and small businesses.
“I am looking forward to seeing even more users adopt and take advantage of products that will help them better manage, move, and make more of their money.”
She added: “We cannot afford to be complacent and must work with and support the ecosystem, policymakers, and regulators to ensure the UK remains internationally competitive and innovative.”
The Competition and Markets Authority (CMA) led the recruitment process.
Prior to her roles at NatWest and Mastercard, King was CEO of VocaLink, a specialist payments partner to banks, corporate partners and government departments.
CMA CEO Sarah Cardell said that King’s “considerable experience” in financial services will be “critical” to the continued growth of Open Banking.
“We look forward to working closely with her as the OBIE prepares for the transition to a future entity that will drive Open Banking forward and maintain the UK’s international competitiveness and leadership in the field,” said Cardell.
In her new role, King will oversee corporate governance at the OBIE and CMA9 compliance with the CMA Order.
She will also be required to develop plans for the transition from OBIE to a yet-to-be-defined future entity that will be responsible for developing Open Banking beyond the scope of the Retail Banking Market Investigation Order 2017.
Bee Thakur, UK public policy lead at TrueLayer, wrote on LinkedIn: “This role is crucial to the future of Open Banking success in the UK. Let’s hope the Trustee can help get the OBIE successor body right, and strengthen the entire ecosystem to power Open Banking to the next phase.”
Outgoing chair and trustee Crosswell is set to become the first chair of the Centre for Finance, Innovation and Technology (CFIT).
She said: “Marion brings a wealth of experience that will add real value to OBIE’s ongoing work. She will champion the OBIE’s mission and be a strong advocate for the future success of Open Banking.
“This is an important role and Marion joins the OBIE at a time of challenge but also opportunity. Whilst significant progress has been made in the past five years, there is still more to do to optimise and deliver the full benefits of Open Banking.”
Crosswell added it was vital that “momentum is not lost”.
Listen to Henk Van Hulle, CEO of the OBIE, speaking on the Open Banking Expo Unplugged podcast about concerns that the UK will fall behind other countries now the Roadmap has ended.