The Open Banking Implementation Entity (OBIE) was established in 2016 by the UK Competition and Markets Authority (CMA) to deliver a more competitive landscape for customers by creating innovative Application Programming Interfaces (APIs) standards and security structures that give consumers more control of their financial data.
Open banking is transforming the financial services sector, enabling third parties to provide customers and SMEs greater choice of products and services and giving them more control to move, manage and make more of their money
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