Sky News’ sources suggested that this move would be “an important step” towards making open banking a “permanent feature of the industry landscape”.
This news follows a blueprint and transition plan released by UK Finance, which sets out its plans to comply with a series of requirements imposed by the Competition and Markets Authority (CMA) five years ago.
In the UK Finance blueprint, it explains that the Open Banking Implementation Entity (OBIE), which is led by the Implementation Trustee and required by the CMA order, has been at the centre of the development of open banking in the UK.
The OBIE is a private body, with its governance, composition and budget being determined by the CMA, and is funded by the UK’s nine largest account providers which are referred to as the ‘CMA9′.
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