FinTechs 

Fintechs are often called third party providers (TPPs) in open banking. They can enable their customers to make better use of their financial transaction data, make and receive payments directly from a bank account, or benefit from new card-based offerings. 

fintechs

Join the open banking revolution 

Open banking opens up new opportunity for the UK’s fintech community – enabling customers to authorise the sharing of their transaction data with regulated fintechs to access new products and services. Our open banking Standard makes it easy for you to start providing those services. 

Want to become a provider? Here’s what you need to know. 

A vibrant ecosystem
(Q2 2021)

319

Number of ecosystem participants

109

OBIE App store listings/live to market propositions 

+800m

Successful API calls per month

How to enrol with open banking 

get regulated
Get regulated 

Before providing open banking services, you will need regulatory permission from the Financial Conduct Authority (FCA) or your National Competent Authority (NCA).

You’ll need to demonstrate that you have a PSD2-compliant business model and appropriate data privacy and security measures in place. Get more information on the FCA website

This checklist will help you make sure your application:

  • Read FCA guidance – chapter three of ‘Payment Services and Electronic Money’ explains authorisation and registration. 
  • Know your definitions – are you offering an account information service (AISP)? A payment initiation service (PISP)? A card-based payment instrument issuer service (CBPII)? It’s important to be clear about how your service fits the regulator’s definitions. 
  • Show a clear business model – give straightforward explanations of your business model and typical transactions. 
  • Check policies and procedures – to get regulated you must have specific policies and procedures in place. 
  • Demonstrate compliance – you’ll need to show how your security, data storage, IT and policies comply with the regulations. 
  • Get insured – you must have professional indemnity insurance that complies with the regulations. 

You’ll need to demonstrate that you have a PSD2-compliant business model and appropriate data privacy and security measures in place. Get more information on the FCA website

This checklist will help you make sure your application is as complete as possible. It can can take 3-12 months to secure FCA regulation, depending on the quality of your application. 

Read FCA guidance – chapter three of ‘Payment Services and Electronic Money’ explains authorisation and registration. 

Know your definitions – are you offering an Account Information Service (AISP)? A Payment Initiation Service (PISP)? A Card-Based Payment Instruction Issuer service (CBPII)? It’s important to be clear about how your service fits the regulator’s definitions. 

Show a clear business model – give straightforward explanations of your business model and typical transactions. 

Check policies and procedures – to get regulated you must have specific policies and procedures in place.

Demonstrate compliance – you’ll need to show how your security, data storage, IT and policies comply with the regulations. 

Get insured – you must have professional indemnity insurance that complies with the regulations. 

enrol
Enrol onto the directory 

The OBIE Directory enables fintechs to securely identify themselves to the banks and building societies who hold their customers’ financial information. To enrol, you’ll need to provide:

  • Contacts – a primary business contact and a primary technical contact. They can be the same person, but you may find it helpful to nominate two dedicated people to manage your open banking activity.
  • Company name and number – the same as they appear on the Companies House register (or National Competent Authority.). These should be the same details used when applying to be regulated.

The OBIE Directory enables FinTechs to securely identify themselves to the Banks and Building Societies who hold their customers’ financial information. To enrol, you’ll need to provide: 

Contacts – a primary business contact and a primary technical contact. They can be the same person, but you may find it helpful to nominate two dedicated people to manage your open banking activity. 

Company name and number – the same as they appear on the Companies House register (or European equivalent). These should be the same details used when applying to be regulated. 

Sign up now 

Once you sign up we will… 

✓ Verify your details 

✓ Provide a case reference number to update you on the progress of your application 

✓ Contact the Company Secretary or Director listed with Companies House to confirm that your contacts are authorised 

✓ Check ID through our third-party agency. Your contacts will need to provide proof of identity before attending a face-to-face or Skype session to complete verification 

✓ Tell you when we’ve completed the identity and verification checks 

If you’re already regulated, we’ll check the FCA register to make sure you have the permissions needed to complete your enrolment.  

test
Test your service

Test your service

Our Directory sandbox is a test environment where you can run your service with dummy data or with other firms who are also working towards full enrolment. Once we’ve completed our identity and verification checks, our onboarding team will help you get set up.

Our Sandbox Directory is a test environment where you can run your service with dummy data or with other firms who are also working towards full enrolment. Once we’ve completed our identity and verification checks, our onboarding team will help you get set up. 

Try the Sandbox 

launch
Launch

Launch

There are just three final steps to going live:

  • Our Directory – we’ll complete your enrolment once your regulatory permissions are confirmed.
  • Software statements and digital certificates – you can set up and manage these in the Directory, and start connecting with account providers to make sure your service works with them.
  • Developer Zone – use this to set up the technical configuration for your service.

There are just three final steps to going live: 

Our Directory – we’ll complete your enrolment once your regulatory permissions are confirmed,  

Software statements and digital certificates – you can set up and manage these in the Directory, and start connecting with account providers to make sure your service works with them 

Developer Zone – use this to set up the technical configuration for your service 

support
Support

DMS

Register for our optional Dispute management system (DMS) – a communication framework for account providers and third party providers (TPPs) to manage enquiries, complaints and disputes.

Register for our Dispute Management System (DMS) – a communication framework for account providers and third party providers to manage enquiries, complaints and disputes. 

FAQs

Your most common questions, answered.

What details are required for enrolment to the OBIE Directory?

• The name of your entity
• The legal entity identifier number (if known)
• The company registration number
• The registered address of your entity as displayed on the company register of your country
• Your national competent authority authorisation / registration details

For further information on enrolling please refer to our how to guide