• Ciaran O’Malley, VP of Ecommerce at Trustly


• 18.04.2023 11:45 am
#OpenBanking

The recommendations published today by the Joint Regulatory Oversight Committee (JROC) are an extremely positive milestone for Open banking in the UK. They both recognise the dramatic success of Open Banking to date and outline a vision to ensure the continuation of the UK’s global leadership in this area.

In order to do this, the JROC has had to balance the need to deliver ‘quick wins’ over the course of the next year, with the need for a fully considered long-term strategy and the necessary regulation that goes alongside this.

In terms of support for the development and use of Open Banking products in the short-term, the JROC has addressed several technical issues, including calling for higher performance standards, more accurate error messaging, clarity on payment limits and increased availability for customers. These issues are low-hanging fruit and if effectively dealt with, should quickly boost adoption by businesses and consumers alike.

In the longer term, the proposal correctly identifies the need for regulators to create a bold, pro-competition Open Banking market, while still allowing the industry to work out a commercial model to fund a replacement entity for the OBIE.

The recommendations crucially protect what has been built under the CMA Retail Banking Market Investigation Order 2017- the over 7 million active users of Open Banking products benefitting from innovative payment and banking solutions – while at the same time facilitating a future outside of the CMA Order. 

Overall, the JROC has set clear goals that will allow Open Banking to support consumers and businesses with market-leading products over both the short- and the long-term. As the leading Open Banking payments provider in the UK, Trustly is committed to helping the country achieve this goal and reaffirm its position as the global front-runner in Open Banking services.