Open Banking in the UK has crossed a major milestone.
As of March 2025, 13.3 million individuals and small businesses are actively engaging with Open Banking services — up 40% year-on-year, according to the seventh annual Impact Report published by Open Banking Limited (OBL).
This means one in five UK consumers and businesses are now harnessing the power of Open Banking, a sharp rise from one in 17 just four years ago.
A Maturing Ecosystem
This year’s report paints a vivid picture of a maturing ecosystem that is delivering tangible economic and social value.
The figures are compelling: a record 31 million Open Banking payments were processed in a single month (March 2025), representing nearly 8% of all Faster Payments.
Payment volumes are growing at a rapid pace — up 70% year-on-year — driven in part by the rise of variable recurring payments (VRPs), which now account for 13% of Open Banking payment flows.
Notably, this is the first time that consumer usage has nearly matched small business adoption, suggesting a broader shift in public trust and utility across demographics.
As fintech adoption broadens, Open Banking is becoming embedded in everyday life — from settling travel expenses and topping up credit cards to building savings habits through instant bank transfers.
“The journey from regulatory mandate to widespread market adoption has not been linear, but we are now seeing a vibrant, user-driven ecosystem take shape,” said Luke Ryder, OBL’s Director of Policy and Strategy.
“Open Banking is no longer a theoretical construct—it is a real, transformative force in financial services.”
UK Infrastructure
The UK’s Open Banking infrastructure now supports 145 third-party providers (TPPs) with live services, a sign of increasing competition and innovation.
This includes players offering advanced account aggregation tools, real-time cash flow analytics, credit access platforms, and embedded payment solutions.
The applications go beyond finance, with sectors such as e-commerce, transport, and hospitality incorporating Open Banking to streamline transactions and reduce costs.
Regulation a Critical Enabler
The regulatory backdrop remains a critical enabler.
The upcoming Long-Term Regulatory Framework (LTRF), which is being shaped in part by the UK’s Data (Use and Access) Bill, is expected to provide a more stable foundation for continued innovation.
To coincide with the report’s launch, OBL is convening policymakers, regulators, banks, and fintechs to explore how to translate the current momentum into long-term structural change.
Euan Ballantyne, Product Director at Pay.UK, said: “The consistent and significant rise in Open Banking-powered Faster Payments is a clear indication that account-to-account (A2A) payments are becoming mainstream. The payment ecosystem is shifting.”
This groundswell of adoption is also aligning with political objectives.
Luke Charters, MP for York Outer, praised the progress as “a key pillar” of the UK Government’s National Payments Vision.
“It’s brilliant to see that 1 in 5 of my constituents and local businesses are using open banking-powered tools,” he said, noting the improvements in financial autonomy and access to real-time insights.
Broader Economic Implications
The broader economic implications are significant.
As cited in recent analysis, the UK’s Open Banking ecosystem is now worth over £4 billion, with the potential to unlock even more value as data sharing, consumer consent frameworks, and digital identity services mature.
In conclusion, Open Banking in the UK has moved beyond pilot phases and cautious optimism.
The 2025 OBL Impact Report offers clear evidence that real usage is accelerating, real benefits are being realised, and the foundations are being laid for the next wave of innovation in digital finance.
As adoption continues to rise and the regulatory environment solidifies, the UK remains at the forefront of a global movement reshaping the future of money.
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