For years, Open Banking has been described in terms of its future potential. New analysis now puts numbers on what it is already delivering to the UK economy. Today, there are more than 17 million active users in the UK*, and Open Banking is already part of how businesses and consumers manage money day to day. New independent economic analysis, commissioned by Open Banking Limited (OBL) and carried out by EY, estimates that Open Banking is already generating around £2 billion a year for the UK, with the potential to reach £7.4 billion within five years and as much as £43 billion at full adoption. More than £8 billion in cumulative value has already been delivered to date, based on the current levels of adoption. This is no longer marginal. It is now economically significant. Whether Open Banking works is no longer in question. The focus is now on where wider use can deliver the greatest impact, particularly for small businesses, with the next phase of growth building across three areas in particular: accounting and administration, access to finance and payments. Most of the focus to date has been on payments. That is starting to change, as some of the most important gains emerge beyond payments, particularly in day-to-day business operations for SMEs, where automation is beginning to reduce administrative burden.For many SMEs, financial administration still takes up more time than it should. EY analysis estimates Open Banking-enabled accounting and reconciliation already generate around £1.4 billion annually in economic value primarily by reducing manual processes and repetitive administrative work. As adoption grows, securely connecting bank accounts to accounting platforms creates a clear path towards more automated workflows. Real-time visibility gives businesses a clearer view of their cash flow and helps them to make more informed decisions more quickly. It reduces errors, makes compliance easier and frees up time to focus on running and growing the business. Beyond administration, Open Banking is also starting to reshape how businesses access finance. Traditional lending models often rely on static and historic financial statements, which can make it harder for some viable businesses to access funding. Using real-time transaction data obtained via Open Banking APIs allows lenders to assess affordability using live business performance. Doing so could reduce unmet SME lending demand by nearly £570 million, widening access to funding for viable businesses that would otherwise struggle to secure it. Similarly, Open Banking-enabled account-to-account payments allow money to move more directly, without relying on card networks or batch processing. This gives businesses quicker access to funds and clearer visibility over payments and has the potential to deliver more than £300m in value over a five-year period for online merchants. Taken together, these developments show how Open Banking is bringing payments, accounting and lending closer together, embedding financial services more directly into day-to-day business operations. SMEs sit at the heart of the UK economy. Making it easier for them to manage money, access funding and make smarter decisions, will support productivity and growth across the economy. The underlying capability is now in place. The priority now is extending access and driving consistent adoption of Open Banking, particularly among SMEs. That is where industry collaboration, common standards and continued ecosystem development will play a critical role in building a more resilient and productive economy in the years ahead.No#OpenBanking #SMEsHenk Van HulleCEO Open Banking Limited 26 Jun, 2026