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

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