The Open Banking reforms were introduced on 13th January 2018 and they redefined the way banks deal with your financial information. The competition watchdog, the Competition and Markets Authority (CMA) that overlooks fair competition within the sector, called for these reforms. The not so memorably named the second Payment Services Directive (PSD2) is a regulation brought in alongside that “sets requirements for firms that provide payment services and will affect banks and building societies, payment institutions, e-money institutions and their customers. As well as promoting innovation, PSD2 aims to improve consumer protection, make payments safer and more secure, and drive down the costs of payment services”