CMA9 represents the nine banks and building society mandated under the CMA Order to implement Open Banking in the UK. This important milestone follows January’s celebration of the 4th anniversary of PSD2 making Open Banking a regulatory requirement in the UK, when more than 4.5 million people and businesses were using Open Banking services.
It took 10 months to grow the number of users from 1 million to 2 million in 2020. In contrast, it has taken just four months to grow from 4 million to more than 5 million, demonstrating the increasing appetite for consumers and small businesses to use Open Banking services to move, manage, and make the most of their money.
Payments were the driving force behind this rapid growth – there were nearly 625,000 additional payments in January 2022 compared with December 2021.
A significant factor in this payments growth was HMRC’s incorporation of a ‘Pay by bank‘ option into its annual self-assessment process, which took the total number of payments made via Open Banking to 3.86 million in January 2022. This is an increase of 19.3% on December 2021.
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