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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

CoP Migration in Under Two Weeks: The Zopa Bank Story
June 2, 2026 Blog

CoP Migration in Under Two…

Two years ago, obconnect was lucky enough to begin working with Zopa Bank. They’d come to obconnect to migrate away…

obconnect, Raidiam & PayPoint: UK Energy Data Consent
June 2, 2026 Blog

obconnect, Raidiam & PayPoint: UK…

Some partnerships are engineered. The best ones tend to grow. A few years ago now, we started working with the…

The Hidden Cost of Payment Failures: Why Reliability is a Revenue Issue
June 1, 2026 Blog

The Hidden Cost of Payment…

Payment failures are often viewed as a technical issue. A temporary glitch. A connectivity problem. Something for the engineering team…

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.