Payments community calls on Open Banking to do more to enable access for FinTechs

The Emerging Payments Association (EPA) has written to the Open Banking Implementation Entity(OBIE) calling for the OBIE to amend the terms of the CMA’s framework so that emerging payments organisations can realise the potential of Open Banking.

The EPA’s ‘Open Letter’ represents the views of many EPA members, sharing their concerns about the barriers that could inhibit FinTechs from engaging with Open Banking. EPA members believe that the nine banks currently covered by the Competition and Markets Authority (CMA) framework have displayed varying levels of enthusiasm in embracing certain aspects of Open Banking, with some described as striving to meet the letter, rather than the spirit, of Open Banking.

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