Our vision for a flourishing and sustainable open banking ecosystem in the UK.
Open banking in the UK has seen remarkable progress, with over 16 million active users and a robust 53% growth in open banking payments in 2025.
As we set out in our Strategy 2025 to 2030[2] and in line with the expectations set through the National Payments Vision, in 2025 we have prioritised work on the development of seamless account-to-account payments, so people have more choice about how they pay. This aim is also supported by the Strategy for future retail payments infrastructure[3] published by the Payments Vision Delivery Committee.
To go further requires open banking to be put on a commercially sustainable footing. In 2026, the Treasury is expected to introduce legislation giving the FCA new powers to set open banking rules. This will lay the foundations for a stable long-term regulatory framework.
The approach we take to developing the rules to form this framework depends on what powers we receive from the Government.
While we await legislation, we engaged extensively with industry and stakeholders.
From this engagement, including a set of guiding principles agreed by industry (set out in our variable recurring payments update[4]), and the findings of recent research[5], we have developed a clear vision and strategic goals for the next phase of open banking development.
Open banking can support each of our strategic priorities – supporting growth, being a smarter regulator, helping consumers navigate their financial lives, and fighting financial crime.
Our vision and strategic goals
Our vision is to enable a flourishing and sustainable open banking ecosystem that drives competition, innovation and growth in the UK.
This means we want:
- Open banking to become a viable, scalable payment method that meets consumers’ needs, offers choice with security and trust, improves the cost or value of payments, and brings jobs and revenue to the UK.
- To empower consumers and small and medium-sized enterprises to access new and better services than they do today through consented data-sharing – improving their financial lives, and driving innovation and growth.
To guide our work, we have the following strategic goals. We want the open banking market to be:
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1
Accessible and valuable to consumers
To provide choice and meaningful competition in the market, open banking must be accessible, convenient, widely available and the benefits clearly known to consumers.
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2
Ensures safety and security
The framework for open banking should protect the security and integrity of account-to-account payments and customer consented data sharing, ensuring appropriate consumer protection measures are in place and fraud and financial crime risks are minimised.
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3
Scalable and responsible
The framework for open banking should be flexible and responsive to increases in demand and new product developments.
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4
Interoperable
Open banking should be interoperable not only between institutions and industries within the UK, but cross border as well.
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5
Promotes competition and innovation
The framework for open banking should be designed to foster competition and support innovation, ultimately unblocking greater opportunities for growth.