The ‘Future Entity’ is set to become the UK’s primary standards body for open banking.

Over the past six months, open banking in the UK has made significant strides — and the momentum is set to continue. One key development is the industry-led creation of a new organisation, the Future Entity, which will help drive initiatives such as rolling out variable recurring payments for certain household bills later this year.

Open banking is poised to boost the UK economy by making payments faster, cheaper, and more efficient for both individuals and businesses. It will also pave the way for new products and services that make it easier for consumers to manage their finances and complete everyday transactions.

The Future Entity will set and oversee open banking standards that are expected to be adopted by commercial open banking schemes, fostering innovation across the sector. It will also monitor the quality and consistency of open banking technologies — insights that will help inform the FCA’s regulatory oversight.

The FCA plans to work closely with industry and other stakeholders to determine the most effective way to establish the Future Entity, ensuring it supports a thriving, innovative open banking ecosystem.

Matthew Long, Director of Payments and Digital Finance at the FCA, said:

“This is the next step in realising our vision for a more innovative, safe, and competitive payments sector — one that embraces technology to better serve people and businesses. We expect the Future Entity to play a central role in the next phase of open banking, setting and monitoring the standards that underpin the industry.

But we can’t do this alone. Continued engagement and support from the industry will be vital as we build on the progress made over the past six months.”