Is Open Banking mandatory in the UK?

10 May 2022 By PAYCEC

In 2018, a UK Open Banking regulation known as PSD2 was enacted to make banks share their database with other corporations. It is obligatory for the nine biggest banks in the UK to comply with the PSD2. These banks are also known as the CMA9, and they serve more than 90% of the UK population. So in other words, Open Banking is mandatory in the UK.

However, as a customer, you can choose whether or not you want to use Open Banking. Your data can only be shared with your consent. Despite Open Banking's many benefits, you can still choose not to use it if you feel uncomfortable.

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