Jurisdiction(s):
United Kingdom

Key definition

Business model definition

What does Business model mean? In legal practice, business model describes, for reporting and governance purposes, how a company creates and preserves long‑term value, including its key activities, resources, revenue drivers, stakeholders and relationships, and how these link to strategy, principal risks and sustainability. The term is not defined in legislation or case law; it is a descriptive expression used across corporate reporting. Under the UK Corporate Governance Code, the board is expected to explain in the annual report the basis on which the company generates and preserves value over the longer term and to describe the company’s business model and strategy. This narrative...

UK Open Banking: regulatory framework, standards and key developments (PSD2/PSRs 2017, CMA Order, APIs, TPPs, JROC, Smart Data, VRP, 2018–2025)

Published by a LexisNexis Financial Services expert

Practice notes

What is the background to the Open Banking concept?

Although retail banking has seen significant technological progress over recent decades—from telephone services to online banking—the fundamental Business model has arguably changed very little at its core. Even as more customers move away from branch-based interactions towards newer channels, the industry still largely revolves around accepting deposits and providing loans. In addition, the historically ‘closed’ banking ecosystem has consistently retained control of customers and, critically, their data. Against this backdrop, legal and regulatory shifts have brought about the concept of ‘Open Banking’.

These changes were introduced in the UK at the same time on 13 January 2018, and include:

the implementation of the recast European Payment Services Directive (Directive 2015/2366/EU) (PSD2), which replaced the original Payment Services Directive. PSD2 has a broader scope than the PSD and covers two forms of third-party providers (TTPs): payment initiation service providers (PISPs) and account information service providers (AISPs)...

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Web page updated on 22/05/2026

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