UK Open Banking has surpassed 11.4 million payments in July 2023.

The milestone reflects a 9.3 per cent increase in total payments compared to the previous month, according to Open Banking Limited.

Overall data for this year compared to 2022 demonstrates that payments have more than doubled, with growth of 102.4 per cent.

“It is fantastic to see how many consumers have benefited from open banking since the Competition and Markets Authority’s Retail Banking Market Investigation Order was issued in 2017,” said Sarah Cardell, chief executive of the CMA. “Open Banking has transformed the way millions of people manage their money and today’s announcement is further evidence of the significant progress that has been made since 2017.”

Open Banking Limited said that single domestic payments were one of the key drivers of growth, recording 10.5 million transactions in July, an eight per cent increase from June. It added that this was accelerated by government payments solutions and the onboarding of leading UK financial institutions and investment platforms.

These institutions have now introduced 'pay by bank' options, designed to allow users to "conveniently fund a wide variety of savings and investment (S&I) products". These transactions align with the top three use cases for Open Banking, which are account top-ups, credit card bill payments, and e-commerce.

“The strong and sustained growth in open banking payments underscores the rapid pace at which open banking is reshaping the financial and payments landscape. It reinforces the pivotal role open banking plays in driving financial inclusion, innovation, and consumer empowerment," said Marion King, chair and trustee of Open Banking Limited. “As Open Banking continues to redefine the way people manage their finances, the doubling of total payments in just one a year is a remarkable achievement and testament to the transformative impact of open banking.”

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