LONDON—More than 10 million U.K. consumers and small businesses are now regularly benefiting from using open banking technology, according to a new report.
IBS Intelligence reported the milestone comes more than six years after the rollout of open banking in the U.K. The number of Payment Initiation Service users is up 61% year over year, while the number of Account Information Service users has grown 27% year over year, IBS intelligence said.
“I am delighted that we have reached 10 million users,” Marion King, Open Banking Ltd. chair and trustee, said in a statement. “Consumer empowerment is core to open banking, and it’s fantastic to see more and more people and small businesses take advantage of the financial opportunities open banking provides. From access to cost-effective credit to building a regular savings habit to making more informed financial decisions, open banking is delivering the means for millions of people to improve their financial well-being, delivering a true public good.”
New Legislation
IBS Intelligence noted the milestone was reached just days after the U.K. government committed to introducing smart data powers through a new Digital Information and Smart Data (DISD) Bill.
That legislation will lay the foundations for future growth of the open banking ecosystem and will propel the UK forward towards an innovative, data-driven economy,” IBS intelligence said.