The Open Banking Implementation (OBIE) has today launched a consultation on version 3.1.9 of the OBIE Standard. This represents the next stage in the development of open banking in the UK.
This versions includes updates on:
The OBIE welcomes responses to the consultation from all interested parties. The consultation process will take place between the 16th August and 3rd September 2021.
Links to the draft version 3.1.9 of the OBIE Standard & feedback pages
ASPSP MI Specifications & Change Log
TPP MI Specifications & Change Log
Customer Experience Guidelines & Change Log
Guidance for TPPs on use of VRPs for sweeping
In addition to the above we would like to inform the ecosystem that we have updated the Variable Recurring Payment Proposition to include the agreed definition of Sweeping.
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.
All other queries can be directed to firstname.lastname@example.org
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For further information, please contact: email@example.com
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.
The OBIE 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).
The OBIE 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.
The OBIE 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.
The OBIE 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.