What is the OBIE?

The Open Banking Implementation Entity (OBIE) was funded and set up by nine of the UK's largest banks, (known as the CMA9). It is a not for profit body with a remit to oversee the successful delivery of Open Banking into the market place. The CMA9 was identified as a result of an investigation by the Competition and Markets Authority (<a href="/glossarycollection/competition-markets-authority" style="color:#48277C;" target="_blank" title="Competition Markets Authority">CMA</a>) that mandated the creation of the OBIE as a competition remedy, (or punishment, depending on your point of view). 

The OBIE roadmap identified two distinct goals. The first goal was the successful implementation and launch of the minimum Open Banking framework required by the CMA. The second piece of work was initially proposed to be the launch of a set of commercial Application Programming Interfaces (<a href="/glossarycollection/application-programming-interface" style="color:#48277C;" target="_blank" title="Application Programming Interface">API</a>).