Experian gets U.K. Open Banking approval


Credit reference agency Experian PLC (EXPN.LN) said Thursday that it has been given permission to offer services under the U.K.’s new Open Banking rules.

Experian said it has been approved by the U.K. Financial Conduct Authority to operate as an account-information services provider.

“One bank has already signed up to use Experian’s Open Banking platform, and we’re running several proof of concepts with other clients so they can explore a range of innovative new services,” Tom Blacksell, business-to-business managing director at Experian, said.

Experian said it will launch services via financial technology subsidiary Runpath, which it acquired in 2017.

The U.K.’s Open Banking legislation came into force on Jan. 13, and is designed to promote competition among financial-services providers. The nine largest account providers in the U.K. are obliged under the rules to allow customers to share their data with third parties.

Source : MTV