Press Releases

Open Banking publishes Open Banking Standard version 3.0

07 September 2018
press release

Enhanced features and functionality enabling regulatory compliance and accelerated adoption

The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the Open Banking Standard, version 3. This update builds significantly on the version of the Standards that launched in March 2018, effectively giving account providers who implement them in full, a solution that complies with the EU’s second Payment Services Directive (‘PSD2’).

Whilst previous versions of the Standards covered business and personal current accounts, Version 3 covers all products with payment capabilities (for example, credit cards, pre-paid and e-wallets) in any currency.

Commenting on this latest release, Imran Gulamhuseinwala OBE, Trustee of OBIE, said: “The Open Banking Standards are now not only a driver of significant innovation and competition in the UK but also offer account providers a well-supported route to PSD2 compliance.

“The ability to access a far broader range of customer accounts will greatly enhance the services that firms can build and, ultimately, make it easier for customers to move, manage and make more of their money.

“All of the CMA9 are expected to be live today with the previous version of the Standards.  The key now, with this latest version, is to ensure that the Standards are implemented with a high degree of conformance and reliability across the account providers.  OBIE will be focused on supporting the banking, credit card, building society and e-money sectors in doing just that, at pace.”

Developed in conjunction with a broad base of stakeholders, from large banks to challenger institutions, FinTech companies and consumer bodies, The Open Banking Standards v 3.0 include the following core components:

  • Detailed Technical Specifications for all AISP, PISP and CBPII use cases
  • Security Profiles for Redirect and Decoupled Flows
  • Customer Experience Guidelines and Checklist
  • Conformance and Certification

As a PSD2 compliant solution, OBIE believes that Version 3 should, with the caveat that some regulatory requirements are yet to be determined, serve as a platform on which Account Servicing Payment Services Providers (ASPSPs) can apply, with greater confidence, to their National Competent Authorities for an exemption from modified customer interface (enabling credential sharing / ‘screen scraping’ services).

View the Standards

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.