For account providers, Open Banking is a UK Government-backed solution for enabling secure third party access to payment accounts. It supports compliance with PSD2.
There are two parts of Open Banking that help account providers do this:
Open Banking Standards
The Open Banking Standards give you the API specifications to offer regulated third party providers more secure ways to access account information and initiate payments.
Open Banking Directory
The Open Banking Directory gives you access to the Open Banking ecosystem, including the regulatory status of regulated third party providers so that they can be easily identified.
Helping you meet your PSD2 obligations
Open Banking is a secure and efficient solution to support your PSD2 compliance. Lots of the hard work is already done: Open Banking provides standardised API specifications and a Directory of participants.
You can now check the availability of the Open Banking APIs provided by account providers (ASPSPs), including average speed, API call volumes and API performance.
Your next steps
Read the Open Banking Standards
The Open Banking Standards offer the API specifications you’ll need to develop your systems. The specifications make sure regulated third party providers can securely access your customers’ accounts using APIs.
Enrol onto the Open Banking Directory
As a list of all participants in Open Banking, this will help you verify the identity of regulated third party providers seeking access to your customer’s accounts. Enrolling onto the Directory typically takes around ten business days.
Sign up to the Dispute Management System
The DMS is a communication framework for account providers and regulated third party providers to manage enquiries, complaints and disputes related to Open Banking. It’s a voluntary system, and you may use an alternative dispute process.
Check the glossary for any unfamiliar terms related to Open Banking.
Open banking events
View our list of open banking events to stay up to date with industry events, conferences, panel discussions and networking opportunities.
For support with enrolling, technical queries or any other aspect of Open Banking, just email the Service Desk.