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Britain sets out steps to extend 'open banking' services

World

17-04-2023 | 05:48

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Britain sets out steps to extend 'open banking' services

Britain's financial regulators said on Monday they will set up a new body to encourage more competition in banking services through the use of third-party apps.

Open banking refers to third-party firms using banking data from customers at mainstream lenders to offer tailored services such as lending or payments.

"We will also work with open banking participants over the next few months to undertake further analysis of the options for the structure, governance and funding of the future entity," the Financial Conduct Authority and Payment Systems Regulator said in a joint statement.

Reuters

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