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Join 10 million open banking users

Kieron James Kieron James -

The recent news of open banking reaching 10 million users in the UK marks a watershed moment in the financial technology industry.

Open banking, powered by application programming interfaces (APIs), allows third-party developers to build innovative applications and services around traditional banks' infrastructure. This milestone signals a surge in user adoption and trust in open banking systems.

“I’m delighted that we’ve reached 10 million users. 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, building a regular savings habit or making more informed financial decisions, open banking is delivering the means for millions of people to improve their financial wellbeing, delivering a true public good.” ~ Marion King, OBL Chair and Trustee

For small businesses and charities, open banking offers significant advantages. It streamlines banking operations, reduces transaction fees, and enables better control over financial data. Imagine a charity automating donation processes or a small business integrating sales and financial data to improve cash flow management. Open banking makes these scenarios possible.

At Wonderful, we leverage open banking to provide secure and frictionless payment systems for small business. We prioritise security, ensuring compliance with open banking standards.

As open banking evolves, we anticipate even greater functionalities and efficiencies. The integration of AI and machine learning with open banking data holds promise for personalised financial services, automated insights, and adaptive financial products.

The 10 million user milestone for Open banking payments in the UK is a testament to the transformative power of open banking. At Wonderful, we embrace these innovations, offering our clients the tools to succeed in this new era of banking.

The regulatory landscape for open banking, particularly in the UK, has been shaped by the Competition and Markets Authority (CMA) to promote competition and innovation. This framework ensures that banks provide these third-party providers secure access to their infrastructure and data, fostering a fertile ground for innovation.

And now, the new government's commitment to introduce smart data powers through the Digital Information and Smart Data (DISD) Bill, announced a few days ago, will build upon the successes of open banking. This crucial legislation will establish the groundwork for the continued expansion of the open banking ecosystem, propelling the UK towards a leading-edge, data-driven economy.

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