The Open Banking Implementation Entity (OBIE) has today published its consultation on Confirmation of Payee (CoP) and the Contingent Reimbursement Model (CRM) Code and its implications for open banking payment journeys. The OBIE welcomes stakeholder views on the CoP / CRM Consultation paper via its online Consultation Survey. CoP/ CRM Consultation paper CoP and CRM Proposition paper CoP CRM Implications for OBIE R/W API Standards A further Preliminary Analysis paper is also being published, which sets out in more detail the preliminary findings from the consumer research commissioned exploring the effectiveness of warnings. This supplements the summary of findings presented in the Consultation Paper. The primary focus of our consultation is the content set out in the Consultation Paper. However, we have also produced a Draft Proposition Paper and an outlining of the potential implications for the API specification. We welcome observations on the recommendations set out in these too, via the relevant Confluence Feedback pages detailed below. Consultation Process Please submit feedback on the Consultation paper via the online Consultation Survey For the CoP and CRM Proposition paper and CoP CRM Implications for OBIE R/W API Standards, please provide any feedback via Confluence Feedback pages Please submit one response document per organisation. Responses are deemed to be non-confidential Consultation responses will be reviewed and OBIE will produce a summary of feedback which will be submitted to the Implementation Entity Steering Group for consideration in February 2021 We intend to launch a second phase of consultation shortly after the Implementation Entity Steering Group meeting The deadline for feedback for this consultation is 5pm, Monday, 1st March 2021 We are holding a consultation event on Wednesday 10th February 2021, please register here If you experience any issues accessing any of these links, please raise a ticket via the Service Desk Portal (if you have access) https://openbanking.atlassian.net/servicedesk/customer/portal/1 or email the ServiceDesk@openbanking.org.uk and we can organise access. -ENDS- About the 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: Enforce the obligations on the CMA9 under the CMA Order Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide Open Banking Support regulated third party providers and banks and building societies to use the Open Banking standards Create security and messaging standards Manage the Open Banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in Open Banking Produce guidelines for participants in the Open Banking ecosystem Set out the process for managing disputes and complaints
Version 3.1.7 of the Open Banking Standard includes new features to help participants further improve Open Banking services. The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the Open Banking Standard, version 3.1.7 of the API specification. This is a minor update to version 3.1.6 which was released in June 2020. Since publishing v3.1.6 of the Read/Write API Specifications, OBIE has addressed approximately 200 support tickets from ecosystem participants. These tickets have resulted in fixing minor inconsistencies, typographical errors and updating descriptions. Two tickets resulted in change requests which have been approved by the Technical Design Authority. See API specification change log for full details of all changes. The following artefacts have been updated: API Specifications – – – ENDS – – – 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. 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: Enforce the obligations on the CMA9 under the CMA Order Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide Open Banking Support regulated third party providers and banks and building societies to use the Open Banking standards Create security and messaging standards Manage the Open Banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in Open Banking Produce guidelines for participants in the Open Banking ecosystem Set out the process for managing disputes and complaints
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: Understand the success and take-up of open banking Assess the performance of the API services from TPPs’ perspectives Measure drop-out rates for each group of services Forecast volumes and user growth, to allow for support service and capacity planning 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: Proposition (OBIE ecosystem access required) Standard (publicly available) 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 -ENDS- 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: Enforce the obligations on the CMA9 under the CMA Order Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide Open Banking Support regulated third party providers and banks and building societies to use the Open Banking standards Create security and messaging standards Manage the Open Banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in Open Banking Produce guidelines for participants in the Open Banking ecosystem Set out the process for managing disputes and complaints
Version 3.1.6 of the Open Banking Standard includes new features to help participants further improve Open Banking services. 25 June 2020: The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the Open Banking Standard, version 3.1.6 – which supports the transition of open banking-enabled services when users switch bank accounts using the Current Account Switching Service (CASS) These refinements, as well as additional features to enable participants to improve open banking, are delivered through updates to the Read/Write API Specification & Customer Experience Guidelines (CEGs). This is a minor update to version 3.1.5 which was released in March 2020. Based on feedback from participants within the ecosystem, this version provides clarifications to previous versions and introduces the following enhanced functionality, with guidelines to enable new features to be introduced in the ecosystem: Technical Design Authority decisions: See API specification version control for full details. Based on recommendation from CASS, guidance is provided to ASPSPs and TPPs that TPP permissions will not be switched when a current account is switched from one ASPSP to another as part of CASS. for the related API specifications include definition of messaging between ASPSPs and TPPs to support the provision of information relating to the switch. Further guidance to TPPs on a) “Setup” around the codification of key parameters in the customer data agreement between the TPP and the customer and b) “Consent” around key codification parameters that should be included in AIS consent (PSD2). This content was previously approved at IESG on 17 October 2019. Minor reported errata fixes to CEG & TPP guidelines. The following artefacts have been updated: API Specifications Customer Experience Guidelines We have also updated the FAQs section for standards and conformance. – – – ENDS – – – 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 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: 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. 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. 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. 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. 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. 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.
Version 3.1.5 of the Open Banking Standard includes new features to help participants further improve Open Banking services. The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the Open Banking Standard, version 3.1.5 – including updates to the Read/Write API Specification, Customer Experience Guidelines (CEGs) and Operational Guidelines (OGs). This is a minor update to version 3.1.4 which was released in December 2019. Based on feedback from participants within the ecosystem, this version provides clarifications to previous versions and introduces the following enhanced functionality, with guidelines to enable new features to be introduced in the ecosystem: Technical Design Authority decisions: See API specification version control for full details. Updated PIS wireframes (where account selection happens at the ASPSP) to illustrate HCC policy statements requirements for ASPSPs Further guidance for ASPSPs and TPPs around displaying TPP and Agent names during the provision of open banking services to reflect this knowledge base article Additional details on the “Set Up” and “Consent” stages of the customer journey to enable guidance on clearer explanation of the value exchange between the consumer and TPP Inclusion of new EBA Guidelines regarding KPIs for availability and performance that an ASPSP should have in place for each their dedicated interface(s) Guidelines for TPP’s which cover Change Management, Data Ethics, Data Privacy, Contract & Supplier Management and Business Continuity and Disaster Recovery Guidelines for TPP’s which cover: The data sharing customer journey, including techniques for customer communication and improving customer comprehension. Security, counter-fraud measures, operational excellence & testing. The following artefacts have been updated: API Specification Customer Experience Guidelines Operational Guidelines MI reporting requirement for ASPSPs We have also introduced visual enhancements to all user journeys and wireframes, which in themselves do not introduce any changes to meaning or requirements for either ASPSPs or TPPs. – – – ENDS – – – 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.
Version 3.1.4 of the Open Banking Standard includes new features to help participants further improve open banking services. The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the Open Banking Standard, version 3.1.4 – including updates to the Read/Write API Specification, Customer Experience Guidelines (CEGs) and Operational Guidelines (OGs). This is a minor update to version 3.1.3 which was released in September 2019. Based on feedback from participants within the ecosystem, this version provides clarifications to previous versions and introduces the following enhanced functionality, with guidelines to enable new features to be introduced in the ecosystem: Reducing the negative impact of 90 days re-authentication, where a TPP can undertake Secure Customer Authentication on behalf of the ASPSP. Proposition P2 – Aggregated Polling (clarifications and Minimum Viable Product as covered in Technical Design Authority decisions) Proposition P7 – Reverse Payments Technical Design Authority decisions: See API specification version control for full details. Removing the requirement for the b64 claim in message signatures (Waiver 007). Guidelines for TPP’s which cover: The data sharing customer journey, including techniques for customer communication and improving customer comprehension. Security, counter-fraud measures, operational excellence & testing. The following artefacts have been updated: Read/Write API Specification v3.1.4 Customer Experience Guidelines v3.1.4 Operational Guidelines v3.1.4 Dynamic Client registration v3.3 Open Data v2.4.0 We have also introduced a new section for FAQs for standards and conformance. Any requirements for CMA9 implementation will be covered separately in the revised “Agreed Timetable and Project Plan” under Article 10.6.1 of the CMA Order which is currently undergoing industry consultation. – – – ENDS – – – 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.
Summary Customers rightly expect modern financial services to be easy to use, so the Open Banking Implementation Entity (OBIE) has focused on ensuring that open banking-enabled services can be delivered in a user friendly way. The two areas of the Open Banking Standard that enable this are App-to-App authentication (which allows customers to authenticate in their bank’s mobile app, often using biometrics such as Touch or Face ID) and the Customer Experience Guidelines (CEG), which clearly set out how a customer journey can be low friction, speedy and simple. Since the launch of the third version of the Open Banking Standard, in September 2018, the OBIE has seen a significant improvement in journey completion rates, meaning that customers are now able to more easily access services they desire. We provide an overview below of how the six largest banks in Great Britain and the three largest banks in Northern Ireland (known collectively as the CMA9) have implemented the CEG, and the measures the OBIE and the CMA9 are taking to remedy any outstanding issues. Whilst there has been good progress, we will continue to monitor conformance with the CEG until its requirements are met in full, so that users of open banking-enabled services receive a uniformly conformant authentication journey. Third party providers need a frictionless authentication experience to confidently provide services to consumers and businesses. Implementation progress We are now seeing good levels of conformance across both the core elements of the CEG and App-to-App authentication, evidenced through each of the CMA9’s conformance assessments. The main areas of outstanding non-conformance include: Journeys which require customers to navigate unnecessary steps or additional screens to complete authentication for account information sharing or payment initiation. The manner in which the Contingent Reimbursement Model (CRM) Code has been implemented to combat authorised push payment (APP) fraud. The OBIE is supportive of measures to reduce instances of fraud, but where the Code has not been implemented in the required risk-based way, customers may be required to go through several additional steps to complete a low-risk payment, such as when the payee is on a list of regular payees. Action being taken We have agreed detailed action plans with each of the CMA9 to ensure that implementation issues are resolved early in the New Year, and in most instances much earlier. In a small number of cases, we are continuing to work with CMA9 banks to find appropriate solutions that are easy-to-use and deliver good customer outcomes. Commenting on the recently published implementation progress of the CMA9 banks for the Open Banking Customer Experience Guidelines, Trustee of the OBIE, Imran Gulamhuseinwala OBE said: “The Customer Experience Guidelines exist to set minimum standards for the banks to adhere to so that they can provide a safe and simple experience for their customers. I welcome the CMA9 banks’ commitment to complying with the guidelines and to make further improvements where necessary.” – – – ENDS – – – 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 & 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. Firms which have passports under Schedule 3 to FSMA or Treaty firms under Schedule 4 to FSMA with or without a top-up permission EEA authorised payment institutions and EEA registered account information service providers which before exit day are entitled to offer payment services in the United Kingdom in the exercise of a passport right EEA authorised electronic money institutions which before exit day are entitled to offer electronic money issuance, redemption, distribution and payment services in the United Kingdom in the exercise of a passport right 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 – – – ENDS – – – 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.
The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the Open Banking Standard, version 3.1.3 – including updates to the Read/Write API Specification and Customer Experience Guidelines (CEGs). This is a minor update to version 3.1.2 which was released in May 2019. Based on feedback from participants within the ecosystem, and latest regulatory references, this version provides clarifications to previous versions and introduces the following enhanced functionality, guidelines and features (arising from approved change requests) to enable further PSD2 compliance: Design changes for approved Change Requests (CRs): – CR OBSD 7602 – New data fields for accounts & direct debit endpoints. – CR OBSD 10018 – New data field ‘DebtorReference’ in the schedule payment endpoint. – CR OBSD 10196 – A conditional field ‘DestinationCountry’ in the international payment endpoints. – CR OBSD 10197 – A conditional field ‘ExtendedPurpose’ in the international payment endpoints. Minor amendments on the language for account-access-consents delete endpoint – to make this consistent with the CEGs The presentation of data access and consent details & requirement for ASPSPs with mobile-based channels Guidance on the usage of optional fields within data clusters. Redirection back to TPP when PSU does not proceed with authentication. Clarification on when account-access-consent resource must be deleted. Minor update relating to the display of balances for compliance with upcoming High Cost Credit regulations. Updates to general principles relating to obstacles in the authentication journey and access dashboards. There are 2 core elements to this version: Read/Write API Specification v3.1.3 Customer Experience Guidelines v3.1.3 In order to reduce complexity, and as part of the migration to the new OBIE Standards microsite, from this release onwards, OBIE will be aligning the version numbers of Customer Experience Guidelines and the Read / Write API Specifications. Thus, v1.3.1 of the Customer Experience Guidelines will be labelled as v3.1.3 to match the Read / Write API Specifications. In summary, this latest version enables a solution that can deliver further compliance with PSD2 and RTS. – – – ENDS – – – 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.
Version 3.1.2 of the Open Banking Standard enables enhanced features and functionality, extending beyond basic compliance with PSD2 and RTS regulation The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the latest Open Banking Standard, version 3.1.2 – including updates to the Customer Experience Guidelines (CEGs) and the Operational Guidelines (OGs). Both Guidelines include a number of minor changes and clarifications which have been made in consultation with participants in the ecosystem, and also include updated versions of the checklists. This latest version helps banks deliver features and functionality that will enable them to move beyond basic compliance with PSD2 and RTS. This update includes the following enhanced functionality: Proposition P2 (Two way notification of revocation) to allow ASPSPs to notify AISPs in real-time via a web-hook whenever a customer revokes access to their account. Proposition P8 (Trusted beneficiary exemptions under SCA) to allow ASPSPs to accept a payment initiation without Strong Customer Authentication for PISP payments to a trusted beneficiary. Proposition P9 (Status of payment) to allow ASPSPs to provide more detailed and meaningful payment status back to the PISP, beyond just initiation. Proposition P22 (Corporate Accounts) to cater for accounts where more than one person needs to authorise account access. Please see links below to the latest version of each component of the Open Banking Standard: Read/Write API Specifications v3.1.2 Dynamic Client Registration Specification v3.2.0 Customer Experience Guidelines v1.3.0 Operational Guidelines v1.1.0 Propositions P2 and P8 are included in the published roadmap as part of Release 4, originally planned for implementation by September 2019. However, implementation timelines for Release 4 have not yet been confirmed, and further updates will be provided via the Open Banking Testing Working Group. – – – ENDS – – – 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.
OBIE publishes example answers for FCA forms A and B for banks seeking an exemption from the contingency mechanism The Open Banking Implementation Entity (OBIE), the creator of world-leading interoperable standards and industry guidelines, is pleased to announce the publication of example answers for the FCA’s request for an exemption from the obligation to set up a contingency mechanism. Developed in conjunction with UK Finance, banks can apply for an exemption from the obligation to set up contingency mechanism (using the FCA’s forms A and B) provided they have met the relevant regulatory requirements. OBIE and UK Finance have worked together to produce a set of example answers to assist banks with their completion of forms A and B. For firms using the OBIE Standards, this is intended to support ASPSPs in the articulation of how their implementation of the OBIE Standard may meet PSD2 requirements. These are for illustrative purposes only and can assist ASPSPs when completing the forms. ASPSPs will need to tailor their responses to their own specific requirements. With well over 100 banks and third parties now using the Open Banking Standards and Conformance Tools, the OBIE is well placed to provide additional support to Open Banking participants in their implementation of PSD2 regulations but also in developing a vibrant and dynamic open banking ecosystem. The example answers are available in the OBIE Document Library. – – – ENDS – – – For further information, please contact: press@openbanking.org.uk – for Media enquiries 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: The Open Banking Implementation Entity (the “OBIE”, which traded as 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. 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. 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. 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. The OBIE 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. 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.
The uncertainty surrounding the UK’s withdrawal from Europe is having repercussions for some firms operating within the Open Banking ecosystem. In order to remain part of Open Banking these EEA participants will need to ensure that they have made a Temporary Permissions Regime (TPR) notification to the Financial Conduct Authority (FCA) by 11 April 2019. In the event of a no implementation period when the UK withdraws from the EU, the UK will be deemed a ‘third-country’ by the latter, meaning EEA firms will no longer be able to passport into the UK. The TPR was created in 2018 by the FCA to help firms that passport into the UK (including banks, payment and e-money institutions) to continue operating if the passporting regime falls away abruptly during this period. What you need to do As an EEA firm, you will need to notify the FCA of your intention to apply under the TPR by the date specified above. This will give you permission on a temporary basis, reflecting your passporting permission pre-Brexit. This permission will be in place for a maximum of three years within which time you will be required to obtain authorisation or recognition in the UK. 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 NB: Treatment of Gibraltar-based firms is unchanged. – – – ENDS – – – For further information, please contact: ServiceDesk@openbanking.org.uk – for Technical enquiries press@openbanking.org.uk – for Media enquiries 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.