Competition Watchdog Raps UK Banks For Missing Open Banking Deadline

The UK competition regulator on Monday extended deadlines for five banks that overshot a key milestone in the country’s open banking roadmap, but forced them to hire outside help to monitor their progress.

Nine leading retail banks in the UK are subject to a 2017 order made by the Competition and Markets Authority (CMA) that includes several deadlines by which they must implement certain features to allow third-party providers access to account data and to initiate payments.

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