Open Banking Limited, which succeeded the Open Banking Implementation Entity (OBIE) in 2023, was established by the UK's Competition and Markets Authority (CMA) in 2016. Its primary mission is to increase competition and foster innovation within the UK's financial services sector. The company develops and manages the Application Programming Interface (API) specifications and security standards that allow customers to securely share their financial data with authorized third-party providers. This framework enables the development of new financial products and services, giving consumers and small businesses greater control over their financial information and access to a wider range of tailored applications.

Founded in

United Kingdom