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In light of the UK’s Competition and Markets Authority scolding five of the CMA9 – Bank of Ireland, Danske Bank, HSBC, Lloyds Banking Group and Santander – for being in breach of Open Banking delivery on mobile apps, Finextra questions the banks on why deadlines were missed.
On 1st April 2019, the CMA issued enforcement Directions to the five banks who had not delivered all aspects of their app-to-app functionality by the deadline set, which the watchdog followed up with specific actions that each institution must take.
Commenting on the Directions, trustee of the Open Banking Implementation Entity (OBIE) Imran Gulamhuseinwala, said: “While we are aware that the Open Banking programme has ambitious and challenging timescales, it is disappointing that some
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Finextra is the leading independent newswire and information source for the worldwide financial technology community.
Finextra covers all significant technology news in wholesale and retail banking, the capital markets and insurance. Finextra also publishes a wide range of research articles, features, white papers and case studies.