The app will help consumers and businesses to access suitable financial products that will help them amid the COVID-19 pandemic. The app will also allow its users to compare products and services in categories such as budgeting, accountancy & tax, payments, borrowing, debt advice, financial safeguarding, etc. It currently has around 45 product listings with the weekly addition of new products. The launch of the new online app forms a part of OBIE’s measures for Open Banking adoption. The other measures include The Power of Network, Ecosystem Infographic and TPP Events.
The Competition and Markets Authority (CMA) founded OBIE in 2016 with an aim to deliver Open Banking in the UK. The body is funded by nine banks and building societies including Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group, and Santander.
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