Open Banking Implementation Entity launches App Store to simplify Open Banking during COVID-19

The Open Banking Implementation Entity (OBIE), the body set up by the Competition and Markets Authority (CMA) to deliver Open Banking in the UK, has today launched an online app store to help individuals and companies find the right Open Banking-enabled financial products for them.

The Open Banking App Store is designed to help consumers and businesses have greater access to suitable financial products that will help them weather the COVID-19 crisis. Using Open Banking technology, consumers and small businesses can connect their bank accounts with authorised third parties safely and securely, helping them better manage their finances.

Consumers and businesses can compare products and services and find the best Open Banking solutions for them. Some of the categories include budgeting, accountancy & tax, payments, borrowing, debt advice, financial safeguarding and many more. The app store contains over 45 listings, with new products added every week.

The online app and product store forms part of a suite of measures OBIE is undertaking to further increase awareness and consumer adoption of Open Banking; others include:

• The Power of the Network: a project promoting and showcasing those members of the Open Banking ecosystem that are stepping up to help others during the COVID-19 crisis.
• Ecosystem infographic: a monthly round-up of the latest regulated provider numbers, success stories and milestones from the Open Banking ecosystem.
• TPP events: a series of regular events at which third-party providers (TPPs) can update and collaborate with OBIE, helping to shape its operational output.

Earlier this year, the number of customers using Open Banking-enabled products reached one million, doubling in the previous six months.

David Beardmore, Ecosystem Development Director, Open Banking Implementation Entity, said: “Consumers and SMEs need more clarity than ever on how to manage their finances through this difficult time. With the number of banks and fintechs offering Open Banking-enabled products growing so rapidly, deciphering the advantages of each product can seem daunting. With the launch of the Open Banking App Store, we are enabling individuals and businesses to find the financial products that are best suited to their situation by helping them narrow down their options and see what’s out there. Better knowledge and greater awareness equate to more power in the hands of customers.”

Dr Bill Roberts, Head of Open Banking at the CMA, said: “The CMA originally recommended Open Banking as a way to help personal and small business customers access new and innovative apps that can tailor services, information and advice to their individual needs. We hope that OBIE’s new App Store will make these services even easier to find, so that people can access simple and secure tools to help manage their money.”