OPEN by Eliga May insights

OPEN by Eliga was featured in The OBIE Highlights, published on May 13th. We join 311 regulated open banking providers listed on


In the official press release, the OBIE’s Implementation Trustee Imran Gulamhuseinwala OBE referenced the entity’s ‘vision for the future in which the open banking ecosystem (and indeed other Smart Data initiatives) can continue to evolve and flourish. Open banking’s success is dependent on increased adoption by users and entry into the market of new and innovative propositions and third parties.’ Imran also noted that ‘monitoring and supervision’ would be required for ‘Open Banking to remain a UK success story.’ Read the full report here.


Faster open banking API response times

API response times further improved following The FinTech Times’ coverage of Yapily’s data from December 2020. Yapily’s dashboard provides a real-time view of the Fastest Institutions. The increase in speed is a reassuring sign that business and consumers’ demands remain top priorities for these institutions. Consequently, this provides the necessary open banking services to recover and rebuild in the months ahead.

RBS, NatWest, M&S Bank, Halifax, Lloyds Bank, First Direct, M&S Bank and Santander UK showed improvements in response times. In particular, M&S Bank’s API is 52% faster since Yapily’s report in December. Halifax, Lloyds and Santander UK also improved significantly.

Faster API response times allow faster applications. M&S Bank made headlines in 2019 when it enabled faster mortgage applications. The partnership also delivered open banking solutions for credit card and personal loan applications. These solutions reduce application time. As a result, they make it quicker and easier for customers to share supporting documentation. They also enable ‘greater financial inclusion, awareness and control for consumers ‘said Emma Steely, CEO of AccountScore.


May’s trending FinTech news

Last month, Jonathan Holman, Head of Digital at Santander Corporate & Commercial Banking sat down with FinTech Magazine to discuss the bank’s ‘new architecture, which allows the institution ‘to move much faster.’ Although Santander ‘haven’t sought to be a technology company,’ they made significant improvements to its open banking proposition after ‘buying into the roadmaps’ of its partners. Some of these propositions include ‘helping customers permission data to them, as well, as well as helping businesses collect payments from their customers by a smart invoice or via QR code payments.’ Furthermore, Santander UK shapes customer experience with AI and end-to-end automation with its digital platforms. Holman said it can ‘be the best version it can be of itself.



At the end of May, The Telegraph published an article covering the high costs of improvements of open banking with HSBC and Barclays demanding a ‘shake-up’ of how costs are funded. This trending article generated a lot of discussion in the open banking community.


TrueLayer’s case for open finance

This discussion follows TrueLayer’s blog on open finance. Jack Wilson, Head of Policy & Regulatory, noted that a lesson of PSD2 has been that when banks build and maintain ‘APIS for compliance reasons, rather than because they are revenue-generating, the quality and reliability of the APIs suffer.’ TrueLayer called for the development of open finance as a revenue-sharing model between data holders and third-party providers.


Open banking key points to consider

Should we incentivise data holders to maintain their APIs?
Should smaller banks also fund the costs of improvements?

If this has raised a few questions or you would like to explore open banking, then please do get in touch.