Open banking isn’t just a regulatory shift – it’s a generational opportunity. For the UK, one of the most digitally connected economies in the world, it offers a pathway to make managing money simpler, smarter, and more rewarding. It holds the promise for
consumers to move money instantly, access better financial tools, switch providers effortlessly, and view their entire financial lives in real time. That future is no longer theoretical – it’s here and now is the time for it to scale, but only with the right
catalyst.
From in-game purchases to managing cross-border transfers, Open Banking is already enabling faster, more flexible money movement. For the consumer, convenience is king. In 2023 alone, 70% of all UK online purchases were made via mobile phones, while over
90% of in-store transactions used contactless. The shift in consumer behaviour is clear: people expect seamless, secure, and intuitive ways to pay – if they trust it they will use it.
Yet adoption in the UK remains uneven. Many consumers are still hesitant to embrace open banking as a way to pay – often due to concerns around protection, limited awareness, and inconsistent user experiences. The underlying technology is strong, but trust
has yet to catch up. And trust isn’t built overnight – it’s earned through consistent focus, sustained investment, and a relentless commitment to putting customers first. It goes beyond fraud prevention; it’s also about how issues are handled when things go
wrong. If a consumer makes a payment to a business and doesn’t receive the goods or services, they need the reassurance that they’ll be reimbursed. The same goes for merchants – while cost savings and speed are attractive, many have proved reluctant to embrace
pay by bank without the systems in place to smoothly handle disputes. Why would they risk turning a hard-won customer into a net cost if something goes wrong? These are the kinds of safeguards that will turn curiosity into confidence, and that’s the gap we
need to close.
Simplicity and Control will Drive Trust and Uptake
At its heart, open banking is about giving people more choice. Whether it’s streamlining loan applications, enabling one-click checkout, or bringing together multiple accounts into a single, real-time view – open banking empowers consumers to manage their
finances on their own terms.
Recurring payments are a clear example. Today, Direct Debit dominates but brings friction: delays due to failed payments, manual work to match payments and records, and user visibility. Variable Recurring Payments (VRPs), enabled by open banking, offer a
compelling alternative: real-time availability of funds, enhanced transparency, and greater user control. That translates into fewer payment failures and more predictable cash flow for businesses and consumers alike. But it is account-to-account (A2A) payments
backed by a trusted provider with additional protections and features that will cement open banking as a go-to mechanism.
Open banking unlocks powerful consumer features: tracking subscriptions and bills in one place, setting limits, and stopping unwanted charges. These convenient experiences will build trust, but consumers are both savvy and cautious; aware that risk still
exists. They will need the presence of a trusted independent player in the payment process who can provide them protection.
Collaboration Is the Key to Change
The opportunity is enormous. Innovate Finance estimates that growing the UK’s fintech ecosystem – where open banking is foundational – could unlock £328 billion in value over the next five years. But realising that value requires collaboration and consensus.
No single organisation can do this alone. It will take coordinated efforts across banks, fintechs, payment providers, and policymakers to deliver consumer-friendly infrastructure that connects easily and works across providers. That’s why we support collaborative
A2A solutions that are open, secure, and built to scale – because a rising tide lifts all boats.
Businesses Needs to Be Part of the Open Banking Story
While the consumer opportunity is front of mind, the potential for business-to-business payments is just as transformational. Open banking can modernise how companies – from SMEs to large enterprises – manage cash flow, settle invoices, and access working
capital. We should be pushing the boundaries of what’s possible, not just for consumers, but for all users of the financial system.
A UK Leadership Opportunity
The UK has a proven track record of leading in payments innovation – from contactless adoption to the rise of challenger banks and embedded finance. The next leadership opportunity lies in scaling open banking, not just by improving the technology behind
the scenes, but by embedding usability and trust across the ecosystem.
The policy landscape is moving in the right direction. In her 2024 Mansion House speech, Chancellor Rachel Reeves reaffirmed the government’s support for the development of open banking – signalling alignment between regulators and industry.
For all these reasons, we’re working with partners across the financial ecosystem to unlock the full potential of open banking. We’ve developed open-access A2A capabilities that support both consumer and business use cases – offering trusted, secure rails
that complement card and other payment options. But we’re not here to go it alone. We want to work with industry and policymakers to ensure that open banking delivers on its promise – for everyone.
