Building on solid foundations: Writing the next chapter of the UK’s open banking story

First conceived in the UK, the vision for open banking was an API-based system that would enable the systematic sharing and portability of data and payments uniformity. The founding principle was to foster competition by introducing greater interoperability in a system protected by individual bank silos. The idea has proved popular and taken off all around the world. More than 120 countries, including the US, have now converted the concept of open banking into market-driven initiatives.