Open Banking is taking a firm hold in the UK, with user numbers doubling to two million in just over six months.
The latest figures from the Open Banking Implementation Entity (OBIE), the body set up by the Competition and Markets Authority (CMA) to deliver open banking in the UK, show a steady increase at a rate of around 160,000 users per month.
The upshift comes as more consumers seek to gain control over their own data in order to better manage their finances during the Covid-19 pandemic.
Open Banking used to be the best kept secret in financial services. With 2 million active monthly users and growing strongly that is clearly no longer the case. We can now see that people want to exercise their rights over their data and will do so, as long as you make it simple and secure. Open Banking enabled products are rebalancing the market in favour of consumers and small businesses. Users are now able to engage more with their finances and getting access to better products.”
Imran Gulamhuseinwala of the OBIE
The OBIE report that Open Banking can be used in multiple ways to help users access their banking data and better manage their finances.
We’ve teamed up with Trilo…..
A great way to pay using Open Banking is with Trilo.
Trilo: The simplest way to pay
Trilo is the simplest way to pay, with a couple of taps you’re done, and get a Boost everytime.
Merchants receive their money in minutes and can say goodbye to transaction fees. Unlocking revenue that’s normally lost to card fees, which they can instead give to you as a Boost.
Trilo uses a simple subscription and using Open Banking circumvents cards. This subscription is gauged off of the number of customers a merchant has each month, not the value or the cost. Opening up previously locked possibilities for growth.
Find out more visit Trilo’s website: Trilo
Fund a Tree for a Fiver
As part of Trilo’s launch they have partnered up with Make It Wild, a team in Yorkshire who are rewilding and reforesting vast areas. Fixing climate change is a key pillar to Trilo’s mission. Every merchant who joins the network, they’ll be planting a tree.
Trilo are launching their alpha early phase and you can join Trilo and do some good at the same time.
With Trilo’s Alpha, you’ll be able to Fund a Tree for a Fiver, to help give climate change a kick in the teeth.
Joining Trilo takes seconds, funding a tree lasts for centuries.
Trilo will soon be launching their Beta phase with their first partners and will keep you posted when the Beta phase launches.
So, join Trilo, experience Open Banking in a more exciting way and fund a tree for a fiver by clicking here:
When you experience Open Banking with Trilo and fund a tree for a fiver with Make It Wild you’ll also get a complimentary three month subscription to the ‘Payments, Payments, Payments’ newsletter.
The newsletter from Mike Chambers at Northey Point explores a wide range of the UK’s payment news including: Open Banking, Request to Pay, Direct Debit, Confirmation of Payee, Bacs, CHAPS, Faster Payments, LINK, cash, cards and cheques and unpacks the eco-system that supports the operation of these systemically important payment systems.
After you have experienced Open Banking with Trilo and funded a Make It Wild tree for a fiver click the link below and claim your complimentary three month subscription to the ‘Payments, Payments, Payments’ newsletter:
Don’t forget: Joining Trilo takes seconds, funding a tree lasts for centuries.