PSD2 was implemented in the UK seven years ago today on 13 January 2018. The regulation paved the way for open banking in the UK. And according to Open Banking Ltd it has transformed the payments and data landscape, powering new ways for consumers and businesses to move, manage and make more of their money.
Over the course of the past seven years, OBL has facilitated its implementation through the Open Banking Standard and helped to foster an ecosystem worth £4bn to the economy.
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There are now over 11.7 million active users of open banking-enabled products in the UK. Over 22.1 million open banking payments are made monthly of which 3.12 million were variable recurring payments in November 2024.
In total, nearly 400 million successful payments have been made since 2018.
2025 – a pivotal year in open banking
The Data (Use and Access) Bill is progressing through the UK Parliament. The legislation aims to pave the way for a long-term regulatory framework (LTRF) for open banking, and the evolution into open finance.
Marion King, Chair and Trustee of OBL, said: “As we reflect on the last seven years, we should be collectively proud of the financial innovation and the benefits open banking delivers to consumers and businesses, as well as the wider economy. We’re at a pivotal stage in the evolution of open banking, with legislation and regulation coming forward that will not only put it on a commercially sustainable footing fit for the long term, but also move us towards open finance and other smart data schemes.”
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By GlobalDataOpen banking places UK at ‘forefront of global payments innovation’
Henk Van Hulle, Chief Executive Officer of OBL, added: “Open banking is just seven years young, and much has been achieved. Adoption continues to grow month-on-month, with over 11 million active users in November 2024. The UK pioneered with this financial innovation, and our Standard keeps on providing a blueprint for many jurisdictions across the globe. 2024 saw an unprecedented growth and delivery. 2025 will be another step change. This year will see the expansion of open banking into the next generation of open finance and data. UKs thought leadership on data usage and access puts the UK at the forefront of data and payments innovation globally. We will therefore have a keen eye on interoperability, as the industry looks to enable world class cross-border data sharing.”
‘Lot to do to get open banking into the mainstream’
Tom Burton, Director of External Affairs and Public Policy, GoCardless, said: “We have come a long way since open banking launched seven years ago. Since then, we have seen sustained year-on-year growth and major milestones, such as breaking the count for 10 million users last year. But there is still a lot to do to get open banking payments into the mainstream.
“While commitments in the National Payments Vision were encouraging to see, we cannot rely solely on regulatory-driven innovation. Focusing on the here and now, in 2025 we want to see payment providers work together to kick-start a virtuous cycle that drives widespread adoption of pay-by-bank payments in the UK. This includes developing a commercial model for open banking, starting to establish a recognisable and ubiquitous brand, supporting the full roll out of commercial VRPs, and more. We’re excited to play our part to make this vision a reality.”
