Open Banking
Open Banking Limited is the UK standards-setting body for open banking, coordinating a regulated ecosystem of 330 providers and 17.5 million monthly users through API specifications, the Open Banking Directory, and security profiles, and is the FCA-selected candidate to lead the Future Entity under the Data (Use and Access) Act 2025.
- Company typePrivate
- Founded2016
- HeadquartersLondon, United Kingdom
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What Open Banking does
Open Banking Limited (OBL) is the UK standards-setting body and ecosystem coordinator for open banking, launched in January 2018 under PSD2 and the CMA Order and headquartered in London. OBL is a private, non-profit company owned and funded by the CMA9 banks (the nine largest UK deposit-takers), with a board that includes independent non-executive directors such as the Rt Hon John Glen MP and Sean Martin. Its functional role is to design, maintain, and evolve the technical and customer-experience standards that enable secure, standardized data sharing between banks and authorized third-party providers across the UK.
OBL's core offerings comprise the Open Banking Standard (currently v4.0.1), which defines API specifications (Read/Write API, Open Data API, Dynamic Client Registration, Directory specifications, MI Reporting), security profiles (FAPI, CIBA), operational guidelines, and Customer Experience Guidelines. The Open Banking Directory provides the enrollment, authentication, and connection management layer for participants, including 88 Account Providers and 242 Third-Party Providers. Supporting capabilities include Variable Recurring Payments (with commercial VRPs launched in Q1 2026), a Developer Zone with sandbox and conformance certification, and an App Store listing regulated providers. In 2025, the infrastructure processed 24 billion API calls, with 53% year-on-year growth in payment initiation volumes.
OBL's business model is that of an industry-funded standards body rather than a commercial product company. Revenue derives from CMA9 bank funding and ecosystem participation services through the Directory, with no direct consumer pricing or subscription tiers. The economic activity OBL enables is substantial: £8.3 billion in cumulative economic value since 2018, £159 million in annual payment use cases today (projected to £4.4 billion at full adoption), £3.8 billion in annual business savings through automation, and up to £43 billion annual potential at full maturity per EY analysis. Strategic positioning is shifting from open banking to open finance under the Data (Use and Access) Act 2025, with the FCA selecting OBL to lead the Future Entity role following a KPMG assessment scoring it 63.88 out of 76 against the Smart Data Group's 46.
Open Banking firmographics
Firmographics- Name
- Open Banking
- Legal name
- Open Banking Limited
- Website
- http://www.openbanking.org.uk/
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Open Banking Limited is the UK standards-setting body for open banking, coordinating a regulated ecosystem of 330 providers and 17.5 million monthly users through API specifications, the Open Banking Directory, and security profiles, and is the FCA-selected candidate to lead the Future Entity under the Data (Use and Access) Act 2025.
- Ownership category
- akta.pro rank
Open Banking industry classification
Industry- Product category
- Open Banking Infrastructure
- NAICS
- Offices of Bank Holding Companies (551111)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Open Finance Expansion (investments, pensions, insurance, utilities data) (FSAGACAK)
- akta.pro secondary industries
- Open Banking APIs & Connectivity (FSAMAFAA), Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ), Identity & Authentication for Open Banking (SCA support, token exchange) (FSAGACAF), Transaction Analytics & Cash-Flow Insights (risk signals, forecasting) (FSAGACAG), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Open Banking / Bank Data Underwriting (Consumer) (FSAKAKAF), Data Quality, Monitoring & Observability (uptime, latency, reconciliation) (FSAGACAL)
Keywords
Where Open Banking is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Open Banking business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Payment Use Case Transaction Value: Open Banking delivers £159 million annually in payment use cases, with projections reaching £4.4 billion at full adoption. This represents the economic value flowing through the open banking infrastructure for payment initiation services.
- Economic Impact Value Creation: Research by Open Banking Limited and EY estimates the combined economic impact of open banking and open finance could reach £7.4 billion per year within five years, with potential to deliver up to £43 billion annually at full maturity.
- Ecosystem Participation Services: Open Banking Limited facilitates ecosystem participation through the Directory, enabling ASPSPs, TPPs, and TSPs to connect and offer open banking-enabled products and services. Revenue is generated through regulatory oversight and standards administration rather than direct product sales.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Open Banking product offering
Product offeringCore offering
Open Banking Limited operates as the UK's standards-setting body and ecosystem coordinator for open banking, developing and maintaining the Open Banking Standard (API specifications, security profiles such as FAPI and CIBA, and operational guidelines), running the Open Banking Directory for participant enrollment, and supporting ecosystem participants including Account Providers, Third Party Providers, and Technical Service Providers in implementing secure, standardized financial data sharing and payment initiation services.
Product overview
Open Banking Limited operates as the standards body for the UK open banking ecosystem, managing a portfolio of specifications, tools, and services that enable secure data sharing between banks and third-party providers. The core offering is the Open Banking Standard, which comprises API specifications, security profiles (FAPI, CIBA), and operational guidelines. Supporting this are the Open Banking Directory for participant management, Customer Experience Guidelines for application design, and Variable Recurring Payments capabilities. Developer tools include a sandbox environment and conformance certification service. The ecosystem currently supports 330 regulated providers, 88 account providers, and 242 third-party providers, processing over 33 million monthly payments.
Differentiator
Problem solved
Functional benefit
Products and services
- Open Banking Standard Technical specification governing how banks and financial institutions implement open banking APIs in the UK, including API specifications, security profiles (FAPI, CIBA), and operational guidelines. Used by financial institutions to comply with PSD2, RTS, and the Data (Use and Access) Act 2025.
- Open Banking Directory
Quantifiable outcome
- £159 million annual value from payment use cases today, projected to £4.4 billion at full adoption
- +7 more outcomes
Companies that use Open Banking
Customer profileSegments5 records
Ideal customer profiles4 records
Open Banking technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Open Banking partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core.
- KPMGcoreKPMG conducted an independent assessment of Open Banking Limited and the Smart Data Group proposals for the Future Entity role, commissioned by the FCA. OBL received a weighted score of 63.88 out of 76, outperforming the Smart Data Group's score of 46.
- EYcoreEY conducted economic analysis for Open Banking Limited estimating that open banking could deliver up to £43 billion annually at full maturity, compared with £8.3 billion in cumulative benefits already realized. Research projects annual benefits of £7.4 billion within five years.
- UK FinancecoreUK Finance, supported by Deloitte, published a commercial model proposal for 'Wave 2' commercial variable recurring payments (cVRPs) focusing on ecommerce use cases. This partnership defines fee structures and purchase protection options for the next phase of VRP implementation.
- UK Payments Initiative LtdcoreUK Finance shared the Wave 2 cVRP commercial model report with UK Payments Initiative Ltd as input for commercial model decisions, with the first cVRP transactions expected in 2026.
- HMRCcoreHMRC became the first tax authority in the world to fully integrate Open Banking into its systems in 2021, launching payment initiation services. Within 10 months, over one million payments worth over £3 billion were processed.
- HM TreasurycoreHM Treasury is collaborating on the National Payments Vision and Payments Vision Delivery Committee, with plans to introduce legislation under the Data (Use and Access) Act 2025 granting FCA new rulemaking powers for open banking and open finance.
- Bank of EnglandcoreThe Bank of England is part of the Payments Vision Delivery Committee combining HM Treasury, the FCA, and the PSR to coordinate payment infrastructure modernization.
- Financial Conduct Authority (FCA)coreThe FCA selected Open Banking Limited to lead the Future Entity following its evaluation, and is working with HM Treasury to develop the regulatory framework for open finance by end of 2027.
- Payment Systems Regulator (PSR)coreThe PSR is part of the Payments Vision Delivery Committee and is exploring expansion of Variable Recurring Payments in regulated sectors and government, with plans to consolidate the PSR into the FCA.
Scale indicators13 records
Recent moves6 records
Expansion highlights6 records
Open Banking competitors and assessment
Company assessmentEmerging players
- Konsentus: A UK-based open banking API management and regulatory technology provider offering TPP verification and directory services. Operates as a commercial TSP supporting the ecosystem OBL oversees, with overlapping Directory-adjacent functionality.
- Yapily: A UK-headquartered open banking infrastructure provider offering a single API for account access and payment initiation. Operates as a regulated TPP/TSP inside OBL's ecosystem and is a relevant commercial counterpart for API access.
- TrueLayer: A UK- and EU-focused open banking API platform offering account information and payment initiation services. Operates as a commercial TPP and TSP within the ecosystem OBL governs, making it a downstream participant rather than a direct competitor.
- Token.io: A UK-based open banking payments and account data platform focused on A2A payments and VRPs. Directly relevant as a commercial actor using OBL standards to deliver variable recurring payment use cases at scale.
Broad incumbents
- Plaid: A global open banking/financial data connectivity platform serving thousands of fintechs and banks. Comparable to OBL as an enabler of bank-to-third-party data connectivity, though operating a commercial product model rather than a non-profit standards body.
- Tink: A European open banking platform (owned by Visa) that provides PSD2 connectivity and account aggregation across multiple EU markets. Comparable as a major TSP implementing the same underlying standards OBL helps define.
Direct peers
- STET: France's principal open banking standards and infrastructure operator, running the core PSD2 API platform for the French market. Comparable to OBL as a regulated, bank-owned standards and infrastructure body operating at national level.
- Financial Data Exchange (FDX): A US-based industry consortium defining the FDX API standard for consumer-permissioned financial data sharing. It is the closest US analogue to OBL, providing a multi-stakeholder specification framework rather than a commercial product.
- Berlin Group: A pan-European standards body that defines NextGenPSD2 and other open banking API specifications. It is the closest international peer to OBL, operating a similar non-profit, industry-coordinated standards model across multiple European jurisdictions.
Others
- FDATA Global: An industry advocacy body representing consumer-facing financial data aggregators and fintechs across multiple jurisdictions. Comparable to OBL in ecosystem-coordination role, though focused on policy advocacy rather than technical standards.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Open Banking social profiles
Digital presenceOpen Banking financial estimates
Financial estimateRevenue estimate
Valuation estimate
Open Banking leadership team
Management profileNumber of profiles
Profiles9 records
Open Banking funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Open Banking M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Open Banking
What does Open Banking do?
Open Banking Limited operates as the UK's standards-setting body and ecosystem coordinator for open banking, developing and maintaining the Open Banking Standard (API specifications, security profiles such as FAPI and CIBA, and operational guidelines), running the Open Banking Directory for participant enrollment, and supporting ecosystem participants including Account Providers, Third Party Providers, and Technical Service Providers in implementing secure, standardized financial data sharing and payment initiation services.
Is Open Banking a public or private company?
Open Banking is a private company. It is classified as corporate owned and is currently operating.
When was Open Banking founded?
Open Banking was founded in 2016. It employs 101 to 250 people.
Where is Open Banking based?
Open Banking is headquartered in London, United Kingdom, in the Europe region.
How does Open Banking make money?
Three revenue lines are on record. Payment Use Case Transaction Value is the primary driver. The others are economic Impact Value Creation and ecosystem Participation Services.
Who are Open Banking's main competitors?
Emerging players on record are Konsentus, Yapily, TrueLayer and Token.io. Broad incumbents are Plaid and Tink. Direct peers are STET, Financial Data Exchange (FDX) and Berlin Group. FDATA Global is listed as an others.
Does Open Banking have an API?
Yes. Open Banking provides API specifications and developer tools for the UK open banking ecosystem. The APIs enable account information services, payment initiation services, and access to the Open Banking Directory for participant registration. Available resources include: Read/Write API for account data access, Open Data API, Dynamic Client Registration, Directory specifications, and MI Reporting. A sandbox environment is provided for testing with dummy data, along with a conformance certification service for validating implementations. Developer documentation is at openbankinguk.github.io/read-write-api-site3/v4.0.1/profiles/read-write-data-api-profile.html.
What industry is Open Banking in?
Open Banking's product category is Open Banking Infrastructure. Its primary akta.pro industry code is FSAGACAK, Open Finance Expansion (investments, pensions, insurance, utilities data), with a secondary code of FSAMAFAA, Open Banking APIs & Connectivity. Its NAICS code is 551111 and its SIC code is 6199.