UK open banking runs from a 2016 competition investigation to a mature standard today. The CMA ordered the largest banks to open their data; it went live in January 2018, gained strong customer authentication and variable recurring payments over the following years, and reached Standard v4.0.1 in March 2026, the same year commercial VRP went live. Here is the path, milestone by milestone.
Milestone by milestone
From the data consumer's side
The useful read of this history is that open banking has moved from a compliance project to an infrastructure you can build a business on. The early years were about banks meeting an obligation; the recent years are about real volume, verified income, affordability and now commercial payments. For a lender or broker weighing it up, the direction of travel matters: account-to-account payments and richer data sharing are expanding, not contracting. Where that goes next is covered in open banking vs open finance.
How Credit Canary does it
Credit Canary builds on the mature end of this timeline: the v4 Standard, FAPI 1 Advanced security, and live account-to-account payments. We provide open banking through a regulated provider and combine it with credit bureau and identity data, so you benefit from a decade of standardisation without managing any of it.
Common questions
When did open banking start in the UK?
Open banking went live in the UK in January 2018, following the CMA's 2017 Order. The current account providers known as the CMA9 were the first to implement it.
What is the latest version of the Open Banking Standard?
The latest is v4.0.1, published on 18 March 2026, with release notes dated 1 April 2026. It adopts the FAPI 1 Advanced security profile and made payload signature verification mandatory.
When did commercial VRP go live?
Commercial variable recurring payments went live in the UK via the UK Payments Initiative scheme, with Wave 1 launching on 2 June 2026 for regulated and lower-risk sectors.
Related pages
Primary sources
- CMA Retail Banking Market Investigation Order 2017 (checked 14 Oct 2026).
- Read/Write API v4.0.1 version control (checked 14 Oct 2026).
- openbanking.org.uk, variable recurring payments (checked 15 Oct 2026).
Credit Canary provides open banking through fumopay limited, an FCA-authorised account information and payment initiation service provider (FRN 925689), of which Credit Canary is an agent. Underlying bank connectivity is also provided by fumopay limited. This page is an evergreen reference and is reviewed and dated; it is not regulatory, legal or financial advice.