Today's CMA Order represents an important milestone in delivering Open Banking to the UK market.
Mandating the use of Open APIs across the nine largest banks in the UK will enable customers to better save, manage and invest their money.
The CMA order is a FinTech solution which will empower consumers and bring about greater choice.
This is why the efforts of the Open Bank Implementation Entity, a group tasked by the CMA to take forward this work, must work with the broadest number of FinTech providers, not just the banks to deliver real innovation for the consumer.
"HMT must also play an active role in the implementation of the order to ensure it is delivered on time and works for consumers", Lawrence Wintermeyer, CEO of Innovate Finance.