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The Bank of England has estimated that open banking could loose the largest UK lenders more than one billion pounds ($1.38 billion) in aggregate profits by 2023. As a result some of the bigger banks seem to be dragging their heels.
But six of the nine banks have asked Britain’s regulator for an extension to the January 13 deadline for putting in place the ‘open banking’ regulation, which overlaps with a new European Union directive known as PSD2. A number of Britain’s most well-known fintech firms told Reuters they have had to put their own plans on hold or decided to put off making them altogether. “We have decided to postpone our open banking implementation until all the banks can prove they have... all the required data available,” said Steve Tigar, CEO of app Money Dashboard, which allows users to see all their bank accounts in one place.
