Crown Dependencies Directory

Banks and financial institutions in the Crown Dependencies – Jersey, Guernsey, and the Isle of Man – can offer their customers access to open banking services.

Why join?

Our new Crown Dependencies Directory enables certain banks and financial institutions in Guernsey, Jersey and the Isle of Man to participate in – and benefit from – the open banking ecosystem.

Joining it allows participants to voluntarily connect to Third Party Providers (TPPs) which are already enrolled in the OBIE Directory for PSD2.

Once you have successfully enrolled, you can explore the opportunities to develop open banking products and services for customers based in the Crown Dependencies.

You can also join the Confirmation of Payee (CoP) account name-checking service offered by Pay.UK which aims to help combat Authorised Push Payment (APP) fraud and protect customer funds.

What does it offer your customers?

Open banking enables consumers and small to medium-sized enterprises (SMEs) to securely share their bank transaction data with trusted third parties to access financial applications and services to help them manage their money more effectively.

It also means they can benefit from personalised products – allowing you to offer enhanced product propositions that can help save your customers time and money. You can see some of the wide range of examples below.

Benefits for personal customers

Bank account aggregation

Personal finance tools

Mortgages

Product comparison

Micro savings and account sweeping

Identity verification

Investment tools

Credit file enhancement

Debt advice

Charitable giving

Benefits for business customers

Accountancy and tax efficiencies

Financial management for SMEs

Improved
cashflow

Ecommerce payments

Consent management

Loans and automatic borrowing

Foreign exchange

What do you get?

Our Crown Dependencies Directory offers a secure platform and sandbox that allows you to:

• Simplify implementation with a standardised security model.

• Test new propositions in a secure, live environment.

• Offer an enhanced experience to TPPs and customers to build brand recognition.

We also offer expert guidance to help with onboarding and the post-implementation process, so you are confident to engage with TPPs.

How does it work?

The OBIE Crown Dependency Directory is part of the core infrastructure of our ecosystem. It enables participants – ASPSPs and TPPs – to request and grant access to customers’ financial data in a secure, permissioned way via open banking APIs.

We have built a separate authorisation domain, including a sandbox, which allows banks in these territories to connect to TPPs in order to provide services in a similar way to a PSD2 environment. You can see how this works in the diagram on the left. Click here to view expanded diagram

Legal requirements

When you enrol, you will need to sign terms and conditions with the OBIE. As the Crown Dependencies Directory sits outside the PSD2 framework, you will also need to enter into contractual arrangements with interested TPPs in those territories to ensure relevant legal and regulatory requirements are covered.

Crown Dependencies Directory - registration diagram

contact us

If you have any questions about how open banking works for banks and financial institutions in the Crown Dependencies, please contact us and we will be happy to help.

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