UK watchdog looks to new technology to ‘transform’ bank competition

Canary Wharf at night
Many UK banks are headquartered at London's Canary Wharf

The UK's Competition and Markets Authority (CMA) launched a plan today (August 9) to shake up the banking sector using "open API" technology, but commentators are already pointing to potential flaws.

In the course of what it calls an "open banking revolution", the CMA will require banks to share data via an open API, or "application programming interface". Similar systems underpin many existing apps, such as Facebook and Google Maps, in theory providing a secure channel for gathering customer

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: