22 Apr 2022 By PAYCEC
The CMA determines the governance, composition, and funding of the OBIE, which is a private organization. The CMA, the Financial Conduct Authority, and Her Majesty's Treasury are in charge of overseeing it, which is funded by the UK's nine largest current account providers.
The European Commission promotes Open Banking in Europe as part of a digital strategy to open up services, provide choice, and boost market competition and innovation.
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