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Open banking App Store

OBIE launches online app store for open banking-related products

OBIE is a body established by the Competition and Markets Authority (CMA) to deliver open banking in the UK

The Open Banking Implementation Entity (OBIE) has launched an online app store to help individuals and companies find the right open banking financial products based on their requirements. OBIE is a body established by the Competition and Markets Authority (CMA) to deliver open banking in the UK. 

The Open Banking App Store will enable individuals and business expand their access to the right financial products to cope with the pandemic’s financial distress. 

David Beardmore, Ecosystem Development Director, Open Banking Implementation Entity, told the media, “Consumers and SMEs need more clarity than ever on how to manage their finances through this difficult time. With the number of banks and fintechs offering Open Banking-enabled products growing so rapidly, deciphering the advantages of each product can seem daunting. With the launch of the Open Banking App Store, we are enabling individuals and businesses to find the financial products that are best suited to their situation by helping them narrow down their options and see what’s out there. Better knowledge and greater awareness equate to more power in the hands of customers.”

It is reported that the number of customers using open banking products reached one million, twice from the previous six months. The app and product store will help individuals and businesses fully understand open banking and its related financial products. 

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