Industry predictions for 2023

In December 2022, the OBIE saw the completion of the managed rollout of variable recurring payments (VRPs) for sweeping, marking the final milestone in the Competition and Markets Authority (CMA) Roadmap which brought open banking to life five years ago.

As adoption continues to grow – more than six million consumers and small to medium-sized enterprises (SMEs) in the UK now benefit from open banking-powered apps, products and services – we ask experts from the industry, regulators, and trade associations to count open banking’s successes so far and, as it moves to open finance, to explore the opportunities ahead.

Contributors: Ghela Boskovich, FDATA; Charlotte Crosswell, OBIE; Simon Cureton, Funding Options; Nilixa Devlukia, Open Finance Association; David Fagleman, Finance Innovation Lab; Kate Fitzgerald, Payment Systems Regulator; Kevin Floyd, Lloyds Banking Group; Dr Mike Granleese, Ipsos; Nicole Green, Yapily; Janine Hirt, Innovate Finance; Martin McTague, Federation of Small Businesses; Faith Reynolds, Independent Consumer Expert.