Back to all news Back to all news

Enhanced current account switching in the era of Open Banking

The latest Current Account Switch Service discussion paper provides an update on our work to consider how the UK’s current account switch journey could evolve in an era of Open Banking.

Enhancing current account switching in the era of Open Banking examines the switch journey today and how the management of data sharing with Open Banking enabled services may affect how the journey might look in the future.

This builds upon our previous paper on this topic, released in September 2018.

Analysis estimates that the potential value to consumers from Open Banking-enabled services is £12 billion for individuals and £6 billion for small businesses. This paper explores how the switch journey and the management of consents might be developed to support the continued use of Open Banking-enabled services before, during and after a current account switch.

We would be delighted to hear your comments on the paper. To get in touch with us please email enquiries@wearepay.uk