When did open banking start in the UK?

10 May 2022 By PAYCEC

Some may say that Open Banking in the UK started in 2015. But it was not until 2018 that Open Banking UK was made official across the UK and all over Europe. In 2015, the nine biggest banks in the UK were requested by their government to share customer information with authorized third party providers. Then in 2018, an Open Banking UK regulation called PSD2 came into force and made this mandatory for the CMA9. The nine largest banks, CMA 9, since then started to open up their databases and make the most of their customer data. As a result, the account aggregation and payment service industry has been blooming ever since.

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