One in three Brits are now using open banking technology as they look to become more in control over their finances.
According to new figures from Open Banking Limited, July saw a record 15.16 million British adults use services powered by open banking technology. Between June and July, UK open banking usage grew 3.5% to be used 2.4 billion times.
Powered by application programming interfaces (APIs), open banking enables consumers to share their bank accounts and financial information with fintech companies in order to access services such as accounting platforms, budgeting tools and food delivery services quickly and easily.
Payments, in particular, drove July’s increase in open banking usage – with a value of £29.89m in July, up by 8.7% from £27.5m.
Variable recurring payments, which allow businesses to set up recurring payments on behalf of consumers after gaining their permission, made up 4% of UK open banking transactions in July. This is a growth of 8.6% from 4.26 million.
These July numbers are part of a wider trend of increasing UK open banking adoption in 2025, with a year-on-year increase of 34%.
Open banking usage in the UK is likely to grow in the wake of the Data Use and Access Act, which came into effect in June and aims to make it easier for technology services to share data with each other securely.
Commenting on this data, Open Banking Limited chief executive Henk Van Hulle said the technology is now a common fixture of “everyday life”, with varying use cases like “paying taxes” and “shopping online”. He added: “It’s fast, secure, and built on trust”.
Although open banking is witnessing healthy growth, Van Hulle said maintaining this would require stakeholders from government, regulatory bodies and industry to work closely together to ensure the tech “delivers even greater value, innovation and impact for everyone”.
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