Emerging Payments Association shares concerns about 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.

The Open Letter, supported by the EPA Advisory Board and the association’s 130+ members, covers several EPA members’ concerns, including:

• Banks’ compliance with Open Banking

• Public perception and consumer protection

• API standards

• Data standards

• Customer journeys

• Scope of Open Banking

EPA members urge the OBIE to elaborate on the detail behind the framework it has implemented. Members seek more clarity for both banks and Third Party Providers (TPPs) about the services and obligations that will create the desired ‘open’ customer experience.

Furthermore, EPA members believe that there is a lack of understanding about, and trust in, Open Banking from both consumers, and TPPs. This lack of understanding and trust are a significant obstacle to customer uptake. To overcome this obstacle, the EPA believes it is essential improve the messaging around Open Banking and to provide certainty and protection to customers.