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

In an open letter, the EPA shared 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.

The letter went on to urge the OBIE to elaborate on the detail behind the framework that it has implemented. Members of the EPA want more clarity for both banks and Third Party Providers about the services and obligations that will create the desired open customer experience.

Tony Craddock, director general of the EPA, commented: “Just having Open Banking will not stimulate innovation on its own. You have to collaborate to stimulate innovation. This Open Letter highlights what is missing from Open Banking and what needs to be done now to ensure its success.

“We hope it will enable collaboration between the EPA’s progressive payments companies and Open Banking. I believe that everyone using and facilitating payments will benefit.”

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