The Future is Open: How the FCA’s New Vision for Open Finance Empowers SSV SmartPay Merchants
The financial landscape in the UK is about to get a major upgrade. The FCA has set out a bold new vision for Open Finance – and SSV SmartPay is already there.
What is the FCA’s Vision for Open Finance?
Recently, the Financial Conduct Authority (FCA) set out a bold new vision for Open Finance, aiming to give consumers and businesses more control over their financial data than ever before. At SSV SmartPay, we have always believed that your data should work for you. As a leading Open Banking payment platform, we are thrilled to see the regulator doubling down on the same principles of transparency and efficiency that drive our technology.
Building on the success of Open Banking – which now has over 17 million users in the UK – the FCA is expanding the horizon. While Open Banking focused primarily on payment accounts, Open Finance will extend these principles to mortgages, savings, pensions, and investments.
* Full references listed at the end of this article.
Key highlights from the FCA’s roadmap
Empowering SMEs
The FCA is prioritising how shared data can help Small and Medium Enterprises access credit faster and more easily – reducing the friction that has historically made business lending slow and opaque.
Smart Data Strategy
By 2026, the FCA will launch the Smart Data Accelerator and the PRISM Taskforce to test real-world applications of shared financial data – helping businesses access better services, faster.
Increased Competition
By allowing consumers and businesses to share their financial information with trusted providers, the FCA expects to see more personalised services and better pricing across the board.
Why This Matters for SSV SmartPay Users
SSV SmartPay was built on the Faster Payments infrastructure – our platform processes payments directly between bank accounts, avoiding traditional card network fees. The shift toward Open Finance aligns closely with our model and opens new doors for our merchants and consumers. Here is what that means in practice.
“The message from the regulator is clear: the future of finance is open, secure, and data-driven – and SSV SmartPay is already operating in that future.”
1. Instant Settlements and Lower Fees
Just as Open Banking allowed SSV SmartPay to reduce merchant service charges significantly compared to traditional card payment methods, the expansion of Open Finance will lead to even more streamlined financial ecosystems. More data sharing means less friction and lower costs for businesses.
Fees as low as 0.5% per transaction (for amounts over £50) or a flat 20p for smaller transactions, excluding VAT. No setup fees, no monthly fees, no hidden charges. Fees may vary depending on transaction type and volume – see our pricing page for full details.
2. Better Credit Access for Merchants
One of the FCA’s primary goals for 2026 is improving SME lending. For merchants using SSV SmartPay, the future could see your payment data seamlessly helping you secure business loans or better mortgage rates, with the complete picture of your finances available at your fingertips.
Faster business lending
The FCA’s 2026 roadmap prioritises reducing friction in SME credit decisions using consented, real-time financial data shared directly by you.
Your data, your control
Open Finance is built on explicit consent. You choose what financial data to share, with whom, and for how long – giving you full control.
Real-time cash flow visibility
Your payment history and settlement data can give lenders a current, accurate view of your business – supporting faster, more informed decisions.
Access to better terms
A fuller, consented financial picture may help lenders offer terms that reflect your actual business performance and cash flow health.
3. Biometric Security and Trust
The FCA’s roadmap highlights consumer protection and stronger fraud prevention as key objectives of Open Finance. At SSV SmartPay, we have always built security to the same standard – bank-grade biometric authentication, FaceID and fingerprint recognition, for every transaction. As Open Finance expands, we believe strong authentication and consent-led data sharing will be central to how the industry delivers these protections.
SSV SmartPay security – already future-ready
Bank-grade biometric authentication on every transaction – FaceID or fingerprint, confirmed directly within the customer’s own banking app.
No card details shared – payments go directly from bank account to bank account. Sensitive data is never exposed or transmitted to third parties.
UK Faster Payments network – SSV SmartPay processes payments via the UK Faster Payments and Open Banking infrastructure, the same network used by major UK banks.
The SSV SmartPay Advantage
While the FCA works with the Treasury to finalise the regulatory framework by 2027, SSV SmartPay is already delivering the benefits of a Smart Data future today. We are not waiting for the industry to catch up – we built our platform on Open Banking from day one.
No card fees
Payments go directly from your customer’s bank account to yours – no card network fees, no interchange charges. Fees are as low as 0.5% per transaction (fees may vary – see our pricing page for full details).
Direct bank-to-bank payments
Every transaction is authenticated directly within the customer’s banking app. No card terminals, no redirects, no additional hardware. Instant confirmation, instant settlement.
Eco-friendly by design
By reducing the need for physical plastic cards and heavy POS hardware, SSV SmartPay is building a more sustainable way to pay – one QR code at a time.
Looking Ahead
The FCA’s roadmap sets out a clear long-term direction for Open Finance across the UK. As SSV SmartPay continues to grow its merchant base, we remain committed to the same core principles – open, secure, data-driven payments that put businesses and consumers in control.
The direction of travel is clear. Open Finance is not a distant prospect – it is the framework being actively built right now, by regulators who share our conviction that financial services should be transparent, efficient, and accessible to everyone.
SSV SmartPay was founded on these principles, and every feature we build – from QR code payments to SMS payment links, WhatsApp payments to our WooCommerce gateway – is designed to deliver them today, not tomorrow.
Join the SSV SmartPay revolution today. Start accepting instant bank payments with fees as low as 0.5% per transaction – no setup fees, no card terminals, no lengthy contracts. Your first 7 days are free.
Ready to Switch to a Smarter Way to Pay?
Bring your business into the Open Finance future today. Accept instant bank payments, reduce payment costs, and let your financial data work for you.
Contact the SSV SmartPay TeamSources & References
1. Financial Conduct Authority – FCA sets out vision for open finance, April 2026.
Available at: fca.org.uk/news/press-releases/fca-sets-out-vision-open-finance
2. Financial Conduct Authority – Open Banking and Open Finance, FCA Firms guidance.
Available at: fca.org.uk/firms/open-banking-open-finance
3. HM Treasury – Smart Data Roadmap: action the government is taking in 2024 to 2025, UK Government.
Available at: assets.publishing.service.gov.uk (PDF)
4. Payment Systems Regulator – Background to the PSR, PSR.
Available at: psr.org.uk/about-us/background-to-the-psr
Transaction fees are as low as 0.5% per transaction (for amounts over £50) or a flat 20p (for amounts under £50), excluding VAT. Fees may vary depending on transaction type and individual agreement. First 7 days free applies to new merchant accounts only. This article references publicly available government and regulatory communications and is provided for informational purposes only. SSV SmartPay makes no warranty as to the accuracy of third-party regulatory timelines.
