NOTES & METHODOLOGY

Unless otherwise stated, UK data comes from OBL analysis of the CMA9 ASPSP submissions, corroborated against Department of Business and Trade, ONS, Eurostat and UK Finance. Penetration data combines CMA9 ASPSP submissions of active user numbers (active defined as ‘active in the last calendar month’) and digitally active end-users by the CMA9. It therefore only represents penetration within the CMA9 digital customer bases, although this is a significant share of the UK population. This data has been corroborated against data on the total adults and small businesses currently using internet banking, derived from ONS, Eurostat and UK Finance. The raw data is available on the OBL website here.

Additional data on HMRC payment volumes in January 2024 was obtained from a press release from Trustly Ecospend. This is available here.

FPS data is taken from the Pay.UK website. The comparison has some limitations for the following reasons:

Open banking payments can be sent over any payment rails, although FPS accounts for the vast majority of payments.

Some Faster Payments are internal bank payments and are, therefore, not sent over the FPS system (and would therefore count as an open banking payment, but not be recorded in the Pay.UK FPS statistics)

The European estimates provided in the Executive Summary come from two sources. The first are estimates created by the PwC EMEA Payments and Open Banking Centre of Excellence. Its analysis is based on API call data which has been sourced directly from providers and assumptions on API calls per active customer. This analysis is not as robust as the analysis from the UK, which is based on submissions on the number of active customers by the CMA9 banks, but it gives a directional comparison from other markets.

The second source is from the Banca D’Italia, which published a study in Italian in March 2023, including data on adoption. This report is available here. OBL has analysed this data combining it with market data from Eurostat and Reuters to estimate open banking penetration of digitally active consumers in Italy.