Open Banking in the UK has generally been a success! Intended to spur competition and give consumers greater control over their banking information, the initiative relies on standardised APIs to help fintechs access customer data from CMA9 banks. Just recently Barclays has used Open Banking to allow customers to make payments from accounts with other banks, and it looks like more incumbents will follow suit in the future. Open Banking has also given fintech companies an edge, as they've been able to tailor propositions from scratch to take advantage of the initiative's unique opportunities.

So what are the basics of Open Banking, and what role do AISPs, PISPs, and the OBIE play in bringing new entrants to the market? 11:FS Head of Delivery Adam Davis explains the initiative’s overall goals and key players.