Category: Directory

Version 3.1.8 of the OBIE Standard introduces major new functionality, specifically Variable Recurring Payments (VRPs).

The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of Version 3.1.8. of the OBIE Standard. This is a significant enhancement to version 3.1.7, which was released in December 2020. While it does not introduce any breaking changes (hence it remains technically a patch release), it does include the addition of VRP functionality.

VRPs are an emerging and novel way for customers to securely instruct and manage payments via open banking.

Customers can provide consent to a Payment Initiation Service Provider (PISP) for a series of payments, without the need for the customer to authenticate each individual payment with their bank or account provider.

VRPs, therefore, open up new forms of financial automation, improved end-user experiences, and greater levels of consumer transparency and control.

For firms looking to implement this latest version of the OBIE standard, please see the following links for further details:

 

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For further information, please contact: press@openbanking.org.uk

About Us

The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.

The OBIE is governed by the CMA and funded by the CMA 9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups. The OBIE’s role is to:

 

 

The Open Banking Implementation Entity (OBIE) has published version 3.1.7 of the TPP MI Specification – a new addition to the Open Banking Standard. It enables Third Party Providers (TPPs) participating in the OBIE ecosystem to report Management Information (MI) data, regarding their usage of OBIE’s API specifications.

Financial institutions that qualify as Account Servicing Payment Service Providers (ASPSPs) already submit detailed MI reporting data. This enables OBIE to measure usage of open banking APIs, monitor adoption and take necessary actions as appropriate.

This version 3.1.7 update enables TPPs to submit MI reporting data as well. Benefits to the ecosystem and OBIE include more complete perspectives into adoption and business value, as well as the reconciliation of ecosystem data when combined with ASPSP MI reporting data.

That reconciliation will enable OBIE to:

  1. Understand the success and take-up of open banking
  2. Assess the performance of the API services from TPPs’ perspectives
  3. Measure drop-out rates for each group of services
  4. Forecast volumes and user growth, to allow for support service and capacity planning
  5. Understand usage patterns for potential future product development

The following artefacts have been developed to provide the full set of benefits and to support the provision of MI:

Enrolled ecosystem participants are encouraged to contact their IES Team representatives with any questions or queries regarding the version 3.1.7. update.

All other queries can be directed to press@openbanking.org.uk

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About Open Banking Implementation Entity:

The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver Open Banking. Its trading name is Open Banking Limited.

OBIE is governed by the CMA and funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups.

OBIE’s role is to:

 

 

On Tuesday 15th September the Open Banking Implementation Entity (OBIE) welcomed over 300 representatives from across its ecosystem to a two-hour webinar focussing on the Financial Conduct Authority’s (FCA) recently announced Consultation on eIDAS certificates (see pages 8 to 12, with the legal instruments on pages 35 to 38).

The eIDAS certificates currently govern the technical manner in which firms within OBIE’s open banking ecosystem confirm their identity and regulatory status prior to sharing customers’ sensitive financial data. The OBIE webinar was an opportunity for the industry to discuss the impact of the revocation of eIDAS certificates, understand technical alternatives, and the sequence of events between now and the 31st December cut-off date. OBIE is please to have developed this short guide for details, background and a glossary of terms

OBIE presented four potential options for changes to the Technical Directory to support identity certificates other than eIDAS certificates, and curated an extensive Q&A session which covered:

An event follow-up document containing the material presented and a replay of the Q&A session is available to download here.

The Consultation runs until the 5th October, and OBIE will be submitting its own response as part of that Consultation. The OBIE strongly encourages open banking ecosystem members to submit their own responses to the Consultation as well, to ensure that the FCA gathers as broad a picture as possible of the industry’s current position, the impact of the planned change, and firms current technical contexts.

Comments may be sent by electronic submission using the form on the FCA’s website or submitted in writing. See p.2 of the Consultation document for more detail.

Additional detail and background to this issue can be found here.

 

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For further information, please contact:

press@openbanking.org.uk

About Us

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 cash flow and receiving paymes 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.

 

If you are an EEA participant in UK Open Banking, you need to have entered the FCA’s temporary permissions regime (TPR), to be able to continue to passport in to the UK if the UK leaves the EU without an implementation period.

If you do not notify the FCA before the deadline that you wish to enter the TPR you will automatically fall into the supervised run off regime (SRO) or the contractual run off regime (CRO).

Further Information

All information about these regimes can be found in the FCA published Policy Statement PS19/5 setting out the rules that EEA firms will need to comply with. A link to the Policy Statement is below:

The FCA has also published a helpful diagram to assist you in determining which regime will be applicable to you and the steps you need to take: TPR Financial services contracts flow chart

A firm that does not apply for TPR will automatically fall into SRO if it has a branch in the UK. Once in SRO a firm will be able to run off its business within the relevant time scales. It will not be able to undertake new business. A firm that does not have a branch in the UK and provides cross border services will if it does not notify for TPR automatically fall into CRO. If you fall into CRO then you will be exempt from the PSRs and will no longer be able to participate in Open Banking.

If you wish to continue to participate in the Open Banking ecosystem following a hard Brexit it is imperative that you take action now. If you do not notify for TPR and you do not qualify for SRO (a branch in the UK) you will not be able to participate in Open Banking following a hard Brexit and will need to be removed from the OBIE Production Directory, however, you will still be able to participate in the Directory Sandbox.

What Firms need to do

As an EEA firm, you will need to notify the FCA via the Connect System of your intention to apply under the TPR. Notifications will need to be submitted by the end of 30 October 2019.

Firms should also have regard to the following directions which amend the FCA’s earlier directions regarding submission of notifications.

The FCA has also published a guide to Connect for firms (PDF) covering the notification process.

There will be no fee for firms notifying the FCA that they wish to use the regime and firms should not wait for confirmation of whether there will be an implementation period before they submit their notification. Firms that have not submitted a notification will not be able to use the TPR and will be treated as being in SRO or CRO.

Consumer Protection

Firms will be expected to comply with FCA requirements from Day 1 in order to maintain an adequate level of consumer protection. For more information please refer to the dedicated FCA page on the TPR.

How to apply

A TPR application can be made via the FCA Connect service. The User Guide link is below: https://www.openbanking.org.uk/wp-content/uploads/2021/04/temporary-permission-notification-connect-guide-funds.pdf

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For further media enquiries:

OBIE: press@openbanking.org.uk

About Us

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 & 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.

There are four significant changes taking place in March in relation to the UK’s Open Banking project and PSD2, the European legislation aimed at increasing pan-European competition and participation in the payments industry.

Adoption of the Open Banking Standard

Firstly, the managed roll out of the latest version of the Open Banking Standard begins this month from the mandated 9 banks (CMA9).

To be specific, this means that the CMA9 are now in the process of uplifting their production APIs to version 3.1 of the Read/Write API Specifications for both personal and business current accounts. This managed roll out is expected to take place over the next month, and will include the implementation of Mobile App authentication. The introduction of Mobile App authentication is expected to deliver a significant improvement to customer experience as well as accelerate customer adoption of both account information and payment initiation services. Importantly, this is also a significant step towards achieving full PSD2 implementation across the mandated banks and building societies.

Introduction of eIDAS Certificates

The Open Banking Directory (https://www.openbanking.org.uk/providers/directory/) has been further developed and upgraded and is now able to auto-enrol regulated entities via an API through the use of eIDAS certificates. Other enhancements include the introduction of APIs for all Directory services, which will facilitate automation for discovery, on-boarding and certificate/key management.

Testing Facility Open to Third Parties

All Account Providers in the UK and Europe who are applying to their Competent Authority for a ‘fallback exemption’ are required to make their API testing facility available to third parties. The regulatory requirements for these facilities (or “Sandboxes”) are explained in detail in the Operational Guidelines we have produced (https://www.openbanking.org.uk/wp-content/uploads/2021/04/Operational-Guidelines.pdf). This further supports the journey towards PSD2 compliance, enabling third parties to develop and test their propositions prior to launch across other account providers and for all PSD2 in-scope accounts.

Managed Conversion and Launch Assistance Programme

We have begun the roll out of our Managed Conversion and Launch Assistance (MCLA) programme. This is a managed service for all account providers and third parties enrolled with OBIE, designed to help facilitate testing, using either production APIs (i.e. live proving) and/or testing facilities (i.e. pre-live testing). This is a critical service which should speed up the growth of the ecosystem and deliver better outcomes for all Open Banking participants, and ultimately end customers.

Imran Gulamhuseinwala OBE, Trustee of the Open Banking Implementation Entity, said:

“The initiatives outlined above will further accelerate the potential Open Banking has to revolutionise the way people move, manage and make more of their money. Whilst the changes outlined above are technical in nature, they are strategically significant in the importance they will play in ultimately providing people with great new products and services, supported by enhanced customer experience. There are some important features due to be launched in due course, including biometric authentication, which we believe will make Open Banking even easier for customers whilst equally as secure. However, not all the banks are able to move at the same pace in launching these features and consequently I am now in discussions with the CMA regarding the appropriate action to take against those banks who will miss agreed delivery dates as detailed on the Roadmap.”

“However, as we enter the final six months of our delivery programme, we remain excited by the growth and maturity we see emerging across the global ecosystem and the commitment shown by the diverse players who are working powerfully together to fully optimise this transformative opportunity.”

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For further information, please contact:

press@openbanking.org.uk

About Us

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.

Open Data and Read Write API Specification Updates

The Open Banking Implementation Entity (OBIE) has updated its Open Data and Transaction and Account Information and Payment Initiation specifications in response to feedback from our stakeholders. This update includes some minor enhancements and bug fixes.


For further information, please contact:

press@openbanking.org.uk

About Us

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.