This page may contain stale information. Last updated: 2026-06-03
Overview
Open banking refers to regulatory requirements that mandate financial institutions to share customer data with third-party providers through standardized APIs, enabling innovative financial services and promoting competition.
Timeline
- 2026-06-03: UK uk-payments-initiative launches commercial variable recurring payments under FCA stewardship
- 2026-06-01: truelayer acquires in3 — first continental Pay by Bank network with BNPL credit
- 2026-07: UK FCA deferred payment credit regulation effective
Key Concepts
- API Standardization: Secure data sharing frameworks
- Consent Management: Customer control over data sharing
- Third-Party Access: Authorizing external developers and companies
- Agentic AI Integration: AI agents accessing financial data on behalf of users