Open Banking.
Account Information Services (AISP) & Payment Initiation Services (PISP) Authorisation.
11 million people in the UK currently use Open Banking services, making 14 million payment transactions annually*. In its 2025/2030 Strategy document (when discussing the potential for Open Banking), the FCA has stated “to realise that potential, we will increase the pace of change to deliver innovation and competition”. The regulator’s intention to champion the continued progress of Open Banking services in the UK is clear.
Open Banking is transforming how consumers and businesses are managing their finances in the UK. Whether you are offering AISP, PISP (or both) services, Cosegic is here to ensure you meet the necessary regulatory requirements and your on-going obligations.
If you are planning to go for authorisation, we have successfully supported clients in achieving FCA authorised status in the UK. We will help you plan and execute your application, aiming to achieve a positive first round approval from the regulator. From initial scoping, we can assist you with policy and procedure drafting, business plan development, risk management, governance oversight and financial analysis. We will ensure your application pack is regulator-ready and fit for success.
Once you’re authorised, we can provide you with on-going support to ensure you remain compliant with the regulations and plan for future regulatory changes and impact assessment. Cosegic is your strategic partner for your Open Banking product and we are here to help you meet your regulatory obligations with confidence, enabling you to concentrate on growing your business and servicing your customers.
*Financial Conduct Authority – Our Strategy 2025 to 2030
