UK Open Banking Watchdog Admits Gaps Over Refunds, Recurring Payments

The body responsible for open banking in the UK has responded to fintech complaints that the current system lacks vital functionality, suggesting instead they should be seen as “premium” services built in at a later date.

The Open Banking Implementation Entity (OBIE) released a report on Wednesday surveying the distance covered by the program and some considerations on what the next phase might include.

Included in the report, which followed a survey of third-party providers (TPPs) and banks, was an acknowledgement of several absent functions that fintechs considered essential for making an effective product offering.

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial