The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the Open Banking Standard, version 3.1. This is a minor update to version 3.0 which was released in September this year.
Based on feedback from the community, this version provides the following enhanced functionality and features to enable PSD2 compliance:
- Adds a Y/N flag for “Confirmation of Funds for PISPs”
- Enables use of eIDAS certificates for message signing & non-repudiation
- Enables ASPSP implementation both with and without enrolment on the OB Directory
- Enables use of eIDAS certificates for Dynamic Client Registration
- Further standardisation of complex international and commercial payments
- Addresses a number of known/reported issues with version 3.
There are three core elements to this version:
- Read/Write API Specification v3.1
- Dynamic Client Registration Specification v3.1
- Customer Experience Guidelines v1.1
In summary, this gives account providers that implement the Standard, a solution that enables compliance with PSD2 and RTS.
Implementation is expected from 13 March 2019* for CMA9 personal and business current accounts, and by 13 September 2019 for any ASPSP who adopts the standard.
*CMA9 implementation timelines for Confirmation of Funds for PISPs have not yet been confirmed.
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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.