The UK government announced in its 2014 Budget the desire to deliver a standardised open Application Programme Interface (API) across UK banking. From the developers’ perspective this means using a standardised set of routines, protocols and tools when building software applications. For consumers, this means having access to their financial data across all of their bank accounts, which should encourage more competition and control within personal banking.

An independent trade body was required to work with government, regulatory authorities and financial industry stakeholders to help oversee and deliver the Payment Services Directive 2 (PSD2) by early 2018.