CRIF Appointed UK Government Supplier for Open Banking Services
CRIF, a European provider of open banking services, has been named an authorised supplier by the Crown Commercial Service (CCS) to offer its solutions to UK government and public sector organizations.
CRIF has been appointed an authorised supplier by the UK's Crown Commercial Service (CCS) for open banking services. This designation allows CRIF to provide its suite of solutions to UK government departments and other public sector entities.
The CCS aims to create a central hub for open banking services across the public sector, as government bodies increasingly adopt technologies like open banking to enhance efficiency. For instance, HM Revenue and Customs has already seen a significant increase in tax payments made through open banking.
The value of tax payments made via open banking to HMRC rose by nearly 39% in January 2024 compared to the previous year. CRIF's services, covering account access, data categorization, and analytics, will now be available to government organizations seeking to leverage open banking for cost savings and operational improvements.
"Open banking services provide people and businesses with extra control, security and certainty when accessing financial services or making payments," stated Sara Costantini, Regional Director for the UK & Ireland at CRIF. She added that the public sector should offer the same level of choice available in private sector financial services. CRIF expressed anticipation for working with government departments to drive efficiency and improve public services.