Payments community calls on Open Banking to do more to enable access for FinTechs

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London, United Kingdom – The The Payments Association has written to the Open Banking Implementation Entity (OBIE) calling for the OBIE to amend the terms of the CMA’s framework so that emerging payments organisations can realise the potential of Open Banking.

The Payments Association’s ‘Open Letter’ represents the views of many Payments Association members, sharing their concerns about the barriers that could inhibit FinTechs from engaging with Open Banking. Payments Association members believe that the nine banks currently covered by the Competition and Markets Authority (CMA) framework have displayed varying levels of enthusiasm in embracing certain aspects of Open Banking, with some described as striving to meet the letter, rather than the spirit, of Open Banking.

The Open Letter, supported by the Payments Association Advisory Board and the association’s 130+ members, covers several Payments Association members’ concerns, including;

  • Banks’ compliance with Open Banking
  • Public perception and consumer protection
  • API standards
  • Data standards
  • Customer journeys
  • Scope of Open Banking

Payments Association members urge the OBIE to elaborate on the detail behind the framework it has implemented. Members seek more clarity for both banks and Third Party Providers (TPPs) about the services and obligations that will create the desired ‘open’ customer experience.

Furthermore, Payments Association members believe that there is a lack of understanding about, and trust in, Open Banking from both consumers, and TPPs. This lack of understanding and trust are a significant obstacle to customer uptake. To overcome this obstacle, the Payments Association believes it is essential improve the messaging around Open Banking and to provide certainty and protection to customers.

Tony Craddock, Director General of the Payments Association, commented, “Just having Open Banking will not stimulate innovation on its own. You have to collaborate to stimulate innovation. This Open Letter highlights what is missing from Open Banking and what needs to be done now to ensure its success. We hope it will enable collaboration between the Payments Association’s progressive payments companies and Open Banking. I believe that everyone using and facilitating payments will benefit.”
– Ends –

About the Payments Association:

The Payments Association, established in 2008, connects the payments ecosystem, encourages innovation and drives profitable business growth for payments companies. Its goals are to strengthen and expand the payments industry to the benefit of all stakeholders.

It achieves this by delivering a comprehensive programme of activities for members with help from an independent Advisory Board, which addresses key issues impacting the industry. These activities include:

  • A programme of 70 events annually
  • Annual Black-Tie award ceremony
  • Leading industry change projects
  • Lobbying activities
  • Training and development
  • Research, reports and white papers

The Payments Association has over 130 members and is growing at 30% annually. Its members come from across the payments value chain; including payments schemes, banks and issuers, merchant acquirers, PSPs, retailers, and more. These companies have come together, from across the UK and internationally, to join our association, collaborate, and speak with a unified voice.

This Open Letter was produced by the Payments Association’s Project Regulator team. Project Regulator focuses on shaping and forming regulation around the payments industry in the UK to resolve the concerns and problems faced by Payments Association members. Project Regulator aims to ensure that the UK becomes a nurturing environment for developing and establishing payments companies, and maintaining the UK’s thriving payments ecosystem. Through a unified voice, the Payments Association aims to influence regulatory and government bodies to shape regulation and influence legislation to fit the needs of Payments Association members and provide an environment that enables growth and proliferation of payments and PayTech organisations.


More information

For more information about the Open Letter, contact:

For information about joining the Payments Association, contact

For a copy of the Open Letter, click here.

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