UK banks continue to invest in Open Banking

Tuesday 1 February 2022 11:40 CET | News

Yapily has revealed that UK banks have continued to invest in Open Banking technology as user adoption grows.

The data, which analyses the average Open Banking API response times across ten of the UK’s top traditional banks, reveals that 100% have improved their response speed between 2020 and 2021, in some cases by up to 37%.

Yapily’s figures also reveal that in 2021, the average API response time across UK banks was 511 milliseconds, an improvement of 28% from 2020, with the OBIE recording a 60% increase in user adoption over the same period from 2.8 million to 4.5 million.

NatWest, RBS and AIB had the fastest API connectivity in 2021, with an average speed of 340 milliseconds. The most improved banks in the last 12 months include Barclays, which saw a 37% reduction in average response time; M&S, which achieved 35%; and AIB, which saw 33%.

Yapily’s API insights exclude UK challenger banks due to the volume of data transferred when compared with a traditional bank. The data was compiled and monitored throughout 2020 and 2021 by Yapily’s API platform. 

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Keywords: Open Banking, banks, Yapily, data, API
Categories: Banking & Fintech
Companies: Yapily
Countries: United Kingdom
This article is part of category

Banking & Fintech


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