OPEN by Eliga May insights


Eliga was featured in The OBIE Highlights, published on May 13th. We join 311 regulated providers and we’re one of only a handful of Technical Service Providers listed on


OBIE’s Implementation Trustee Imran Gulamhuseinwala OBE was ‘thrilled’ with the response. In the official press release, he 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 bank API response times in May

Further improvements were made in API response times 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, providing 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 showed marked improvement.


Bank API response times May 2021

Source: Revised chart taken from May 2021

Faster API response times allow faster applications. M&S Bank made headlines in 2019 when it enabled faster mortgage applications. Its open banking platform, AISP and were delivered in partnership with Equifax and AccountScore. The partnership also delivered open banking solutions for credit card and personal loan applications. These solutions not only reduced application time, making it quicker and easier for customers to share supporting documentation, they also enabled ‘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 have 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 is shaping 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 are asked to 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

Do data holders need to be incentivised to maintain their APIs?
Should smaller banks also fund the costs of improvements?

Follow Eliga on LinkedIn for more industry insights and the latest open banking news.