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Banks and Financial Institutions

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Open Banking solutions for Banks & Financial Institutions

For consumers, the benefits of open banking are clear—and younger, digitally native generations already expect them. Letting consumers have ultimate authority over their financial data and allowing them to share with providers of their choosing in a secure standard format promotes the development of new technologies and services. It brings more people into the banking system with greater choices and options while also reducing the time and complexity to access banking services like loans, approvals, and other financing instruments.

Who we work with

Banks

Credit unions

Building societies

London branches

EMI's

Overseas branches

Solutions for Banks & Financial Institutions

Confirmation of Payee
Confirmation of Payee (CoP) is a security measure implemented by banks. It involves the bank cross-checking the name on the account of the recipient when a user initiates a payment or a corporate / bank wants to validate an account. Verifying the account number and sort code, helps ensure that payments are directed to the correct accounts, reducing the risk of fraud and providing enhanced protection for the users.
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Bank Compliance Architecture

Open Banking Compliance Architecture is for Banks that need to comply with PSD2 and have chosen the Open Banking standard to achieve this compliance. obconnect provide consultancy services and reference architecture to enable banks to build their own solution. For those who would like to accelerate or keep down cost, obconnect provide a SaaS solution whereby the Bank needs only to connect via simple APIs

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See some of our latest blogs

Can 2026 Be a Breakout Year for Pay by Bank in the UK?
April 28, 2026 Blog

Can 2026 Be a Breakout…

For years, Pay by Bank has been “on the brink”. Talk to anyone in payments and you will hear the…

From Compliance to Competitive Advantage: Lessons from Building Open Banking at Scale
April 24, 2026 Blog

From Compliance to Competitive Advantage:…

Simon Lyons of obconnect talks to Andy Warren. Andy spent many years as the CTO of Open Banking at a…

Is Open Banking a Hygiene Factor? Why UK Banks Must Act Now
March 19, 2026 Blog

Is Open Banking a Hygiene…

Frequently asked questions – FAQ
Open Banking solutions refer to the suite of services and technologies that leverage the Open Banking framework to enable secure and consented sharing of financial data. These solutions harness the power of Open Banking to offer innovative financial products and services, ranging from enhanced payment methods to comprehensive financial management tools. Open Banking solutions are pivotal in driving the digital transformation within the financial sector, particularly in the UK, by fostering greater financial transparency, innovation, and consumer choice.
Banks can use Open Banking by integrating Open Banking solutions into their existing systems to offer more personalised and efficient services to their customers. Open Banking for banks enables the creation of a more interconnected financial ecosystem, where banks can access enriched customer data (with consent) to provide tailored financial advice, improve risk assessment, and offer a broader range of financial products. Moreover, Open Banking facilitates smoother and faster payment processes, enhancing the overall banking experience for customers.
The benefits of Open Banking solutions for banks include increased competitiveness, the ability to innovate more rapidly, and enhanced customer satisfaction. By adopting Open Banking, banks can access a wealth of data that can be used to personalise services and create more customer-centric products. Additionally, Open Banking solutions help banks streamline operations, reduce costs, and comply with regulatory requirements more effectively, positioning them as forward-thinking institutions in the Open Banking UK landscape.
For financial institutions, Open Banking solutions offer the opportunity to diversify their product offerings and enter new markets more easily. Open Banking for financial institutions facilitates partnerships with fintech and other third-party providers, enabling them to leverage innovative technologies and services that enhance their value proposition. Furthermore, these solutions improve operational efficiency, risk management, and customer engagement, contributing to a more resilient and adaptable financial ecosystem.