The UK's open banking market is evolving with a focus on Third-Party Providers (TPPs) playing a critical role in accessing bank data and initiating payments, with the Joint Regulatory Oversight Committee's (JROC) report emphasizing improved data sharing to prevent criminal activity and developing commercial and liability frameworks. The new API standards will unlock a broader and deeper data ecosystem, enabling Plaid to connect to more banks while securing consistent experiences for users and technical interoperability. A central body will continue to oversee the implementation and setting of regulatory and technical standards, with a successor entity charged with developing new API standards and ensuring interoperability. However, there is a need for a clearer regulatory framework for TPPs, particularly when it comes to tackling ASPSP non-compliance. The report also highlights the importance of additional support for emerging technologies, such as principle and outcome-based regulatory interventions. Ultimately, the financial services industry must seize this opportunity to build products that leverage industry best practice and new avenues available, driving innovation, security, and inclusivity in the financial landscape.