The report reviews the progress already made, the potential for Open Banking to become a cornerstone of the digital economy and makes some detailed recommendations on how Open Banking could be further strengthened.
Trustee of the Open Banking Implementation Entity (OBIE), Imran Gulamhuseinwala OBE commented that this report demonstrates how far the Open Banking initiative has progressed, and the potential that exists to help create a banking market that better serves consumers and small businesses.
Nonetheless, he points out, PSD2 is not a complete solution and we need to further develop the Standards if Open Banking is to fully meet its objectives. As the report points out, there is a pressing need to address refunds, Premium APIs and Open Finance. In time, Open Banking has the potential to become a cornerstone of the digital economy by contributing to other sectors and components of digital identity.
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