During the past months, the UK has been testing its Open Banking initiative. With the roll
out complete, regulated companies are free to offer these services. Since the
beginning of the year, the Open Banking Implementation Entity has been carrying
out a managed roll out to prove that
the new systems that have been designed to give customers control over their
financial data are ready. According to regulators, the account data access
functionality has been proven to be successful. As such, third parties
authorised by the FCA
can now offer products and services based on it to clients.
Open
Banking’s roll out is successful
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