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ComputerWeekly.es LeMagIT.fr MicroScope.co.uk Home IT for financial services News Open banking payments exceed one
billion mark Payments made in the UK through open banking have exceeded one billion in number since its launch eight
years ago Share this item with your network: By Karl Flinders, Chief reporter and senior editor EMEA Published: 29 Jul
2026 11:45 Over one billion payments have been made in the UK through open banking, with 100 billion requests sent to
application programming interfaces. According to Open Banking Limited, the two milestones reflect the UK’s leadership
in the system, allowing finance firms to share data with permission from customers. Open Banking Limited also reported
operational improvements, shaving 50 milliseconds (ms) off the time it takes for a response to a payment request, which
now stands at 349ms. It was 2017 when the Competition and Markets Authority’s Retail Banking Market Investigation
Order meant UK banks were required to implement open banking regulations, which led to the development
of application programming interfaces (APIs), to give consumers more control over their bank accounts. The end
goal was to increase competition in a retail banking sector dominated by big financial services companies. Customer
banking data is shared by the industry through APIs, with customers’ permission, enabling businesses to offer tailored
products. Henk Van Hulle, chief executive officer of Open Banking Limited, said the milestones “reinforce the UK’s
position as a global leader in open banking and demonstrate an ecosystem that continues to scale in both volume and
capability”. He added: “As adoption increases and new use cases emerge, open banking will play an increasingly vital
role in supporting competition, innovation and growth across the UK’s financial services landscape. “As we look
ahead, our focus remains on building on these achievements. By continuing to strengthen resilience, performance and
innovation, we can unlock even greater value for consumers, businesses and the wider economy, while supporting the next
phase of the UK’s open banking and open finance journey.” Read more about open banking The UK retail banking sector
is at the beginning of a journey towards a more competitive future as new regulation lands. The dominant use
of direct debit to make payments could diminish when UK consumers are offered more control of recurring payments
through variable recurring payments. Open banking has had a major impact on the banking industry as financial firms
harness data for better services, but the next phase promises more. Open finance will see firms use APIs to share
banking data across more services, such as mortgages and loans, and offer products and services from external
organisations. There is potential for open banking to benefit the UK economy to the tune of £43bn a year when it
reaches full maturity, but the industry must heed recent warnings against complacency. According to research
commissioned by Open Banking Limited, the UK has already achieved £8.2bn in economic benefits through open banking. The
analysis, carried out by EY earlier this year, found that open banking could deliver £7.4bn a year within five years,
rising to £43bn a year when open banking is fully mature. But the UK has work to do to reach this potential. In
February, at an open banking event in London, Ron Kalifa, former CEO of fintech giant Worldpay, who produced a landmark
government-commissioned fintech report in 2021, warned that the UK is losing its leadership in open banking,
having “laid the rail track, but hesitated to run the trains”. At the time, he lauded the achievements so far. “I
think we can say with great confidence that we have made great progress,” he said in the February event. “Fintech
has become one of the UK’s most important economic engines. It’s no longer an idea on a whiteboard, it’s no longer
a promise of future growth – it is delivering here and now.” Kalifa noted that open finance, “once the next
chapter” of open banking, is “still waiting to land”, and pointed to the way countries such as Brazil and India
are moving ahead. Read more on IT for financial services CFIT is ‘shaking up business models’ with UK government
backing By: Karl Flinders Finance regulator outlines its open finance vision By: Karl Flinders Open banking
presents £43bn opportunity for UK economy if warnings are heeded By: Karl Flinders UK has laid track for open
banking, but failed to run trains By: Karl Flinders Latest News Interview: Fabrizio Pilotti, CIO, Aston Martin
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