In the U.K., the Open Banking Working Group (OBWG) that was constituted in September 2015 has developed a new framework for underpinning an open banking standard. The open banking reforms were enforced in the U.K. from 13 January 2018. The reforms will give customers complete control and rights over their financial data and the ability to change the service providers online within minutes. The changes are mandated by the CMA, but six lenders—HSBC, Barclays, RBS, Santander, Nationwide, and Bank of Ireland—all missed the 13 January 2018 deadline. Lloyds, Allied Irish Bank, and Danske were among those ready on time. A small number of transfers have since taken place under the new rules as lenders continue to test the system.
The Australian Open Banking Review team released its final report in February 2018. The report cites the U.K.’s Open Banking standards as a starting point for the Australian banking industry.
The HKMA published a consultation document in January 2018, which sets out the Authority’s approach to open APIs. It is a part of the Authority’s aim to develop the city’s competitiveness and customer experience in the banking industry.
MAS launched the API Playbook in late 2016. As at 15 November 2017, 270 APIs have been made available to the Singapore financial industry.
Open API regulations are at various stages of consultation in the U.S. and Latin America. The lack of an open banking standard is the challenge seen in the U.S. with the bigger banks seemingly hesitant to share their data. In Latin America, open banking is seen as way of promoting financial inclusion.
The Canadian Government plans to conduct a review to introduce open banking along the lines of the U.K. and the EU. Further, the Government plans to introduce legislative amendments to implement a new framework for the oversight of retail payments.