The Open Banking Implementation Entity (OBIE) is a body established by the CMA (Competition and Markets Authority) in the United Kingdom to design and implement Open Banking. OBIE works with other stakeholders to develop standards and definitions for APIs, security and other elements of the Open Banking ecosystem. It also facilitates cooperation between TPPs and the CMA9 (the nine largest banks in the UK).
OBIE is governed by the CMA and funded by the nine largest banks in the UK. By examining open banking activities and the current state of the market, the entity publishes the Open Banking Standards. Through this work, it has published three versions so far.
According to a statement by OBIE, 118 institutions have been licensed in the open banking ecosystem and 200 firms are waiting to join the system. In addition to the nine large banks known as the CMA9, which are required to support these standards, 40 other banks have also become compliant with them.
