The Open Banking Implementation Entity (OBIE) is pleased to announce the release of Version 2 of the Read / Write Data API Specifications. This follows on from the successful release of Version 1 in July 2017, covering personal and SME business current accounts, and the announcement in November 2017 that the Open Banking Standards would be enhanced and expanded.
Imran Gulamhuseinwala, Trustee of the Open Banking Implementation Entity (OBIE) said:
“This is an important step forward for Open Banking and the opportunity it will bring to customers and small businesses in managing, moving and making more of their money. These changes will enable millions more customers to choose to benefit from the innovation and competitive benefits which Open Banking can bring: securely, safely and with confidence.”
Version 2 adds significant new functionality, including:
- Extending the account information ‘Read’ Standard to include all sterling denominated payment account products covered by the European Union’s second Payments Services Directive (PSD2). This means customers using credit cards, e-wallets and prepaid cards, as well as payments-enabled savings, deposit, loan and mortgage products, will also be able to securely access and benefit from Open Banking enabled account information
- Enabling Third Party Providers, like comparison websites, to access bank account product information for personal and business customers with older ‘back book’ bank accounts. Combined with information made available by the Open Banking Open Data APIs, this will mean those customers can more easily compare and find the best deals and products.
For further details and to access the API Specifications, please visit our Developer Zone.
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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.