Version 3.1.4 of the Open Banking Standard includes new features to help participants further improve Open Banking services.
The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the Open Banking Standard, version 3.1.4 – including updates to the Read/Write API Specification, Customer Experience Guidelines (CEGs) and Operational Guidelines (OGs).
This is a minor update to version 3.1.3 which was released in September 2019.
Based on feedback from participants within the ecosystem, this version provides clarifications to previous versions and introduces the following enhanced functionality, with guidelines to enable new features to be introduced in the ecosystem:
- Reducing the negative impact of 90 days re-authentication, where a TPP can undertake Secure Customer Authentication on behalf of the ASPSP.
- Proposition P2 – Aggregated Polling (clarifications and Minimum Viable Product as covered in Technical Design Authority decisions)
- Proposition P7 – Reverse Payments
- Technical Design Authority decisions: See API specification version control for full details.
- Removing the requirement for the b64 claim in message signatures (Waiver 007).
Guidelines for TPP’s which cover:
- The data sharing customer journey, including techniques for customer communication and improving customer comprehension.
- Security, counter-fraud measures, operational excellence & testing.
The following artefacts have been updated:
We have also introduced a new section for FAQs for standards and conformance.
Any requirements for CMA9 implementation will be covered separately in the revised “Agreed Timetable and Project Plan” under Article 10.6.1 of the CMA Order which is currently undergoing industry consultation.
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Open Banking is a new, secure way for customers to take control of their financial data and share it with organisations other than their banks. Open Banking has the power to revolutionise the way we move, manage and make more of our money. For businesses, it is about making the management of cashflow and receiving payments cheaper and easier. Open Banking will make things simpler, faster and more convenient.
Open Banking follows the Competition and Markets Authority (CMA) investigation into the supply of personal current accounts (PCAs) and of banking services to small and medium-sized enterprises (SMEs).
Open Banking was created to enable innovation, transparency and competition in UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will enable developers to harness technology, making it easy and safe for individuals and SMEs to share the financial information held by their banks with third parties.
Open Banking will bring substantial benefits. It gives customers and SMEs greater market choice and greater control over their money and associated data, along with better and easier access to new financial services providers in a secure environment.
Notes to Editors:
1. Open Banking Ltd was set up by the Competition & Markets Authority (CMA) in September 2016 to fulfil one of the remedies mandated by the CMA following an investigation into UK retail banking.
2. The CMA’s investigation into the retail banking market (whose findings were published in August 2016) concluded that older and larger banks do not compete hard enough for customers’ business and that Open Banking should deliver a new, secure option for customers to be able to compare the deal they are getting from their bank.
3. Open Banking was created to enable innovation, transparency and competition to UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will make it easy and safe for customers to share their financial records by January 2018.
4. The data provided by Open Banking will enable developers to harness technology that allows individuals and businesses to share their financial records held by their banks with third parties.
5. Open Banking is a private body; its governance, composition and budget was determined by the CMA. It is funded by the UK’s nine largest current account providers and overseen by the CMA, the Financial Conduct Authority and Her Majesty’s Treasury.
6. The 9 mandated institutions (referred to as the CMA9) are: Barclays plc, Lloyds Banking Group plc, Santander, Danske, HSBC, RBS, Bank of Ireland, Nationwide and AIBG.