How does Open Banking provide more choice for consumers?

The CMA issued a competition order that required the UK’s nine biggest banks, HSBC, Barclays, RBS, Santander, Bank of Ireland, Allied Irish Bank, Danske, Lloyds and Nationwide (the “CMA9”) to make available, with the customer’s consent, customer data in a secure standardised form so that it can be shared more easily between authorised organisations.  This includes to AISPs, PISPs and TPPs.