Regulators worldwide have encouraged open banking. The UK regulator has gone furthest; as a result, as of December 2020, the UK had issued some 200 licenses for open-banking APIs, or application programming interfaces—shortcuts that make it easier for software developers to build new applications. EU countries, which were initially less directive about API specifications for developers, have not issued licenses at the same pace.

The UK continues to outpace EU countries in growth of the open-banking ecosystem, a trend further accelerated by COVID-19.

To read the article, see “Financial services unchained: the ongoing rise of open financial data,” July 11, 2021.