Open Banking Implementation Entity Releases Latest Version of Open Banking Standard

 

The Open Banking Implementation Entity (OBIE) is pleased to confirm 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) are as follows:

  • 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.

As noted in the update, 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 has also been provided.

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.”

Open Banking is “a new, secure way for customers to take control of their financial data and share it with organizations other than their banks.”

Open Banking has “the power to revolutionize 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.”

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.”

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.

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