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<p>The Open Banking Working Group was created at the request of the government to
explore options for allowing customers to use their bank data in a safe, secure and
efficient manner. The Group published its report in February 2016. The conclusions
reached represent the views of the Working Group and are not government policy.</p><p>
</p><p>Subsequently, the Competition and Markets Authority (CMA) issued the final
report of its investigation into retail banking on 9 August 2016. As part of this,
the CMA requires nine leading UK banks to create an open API (Application Programming
Interface) to allow access to customer account information as set out in the revised
Payment Services Directive (PSDII), which will come into force in January 2018. Informed
consent, data protection and cyber security are key considerations in the PSDII, and
the government will be consulting on the transposition of this directive shortly.</p>
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