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:
The following artefacts have been updated:
We have also updated the FAQs section for standards and conformance.
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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 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: