OBIE updates Open Banking Standard, reaches Roadmap milestone

Wednesday 6 April 2022 10:49 CET | News

The Open Banking Implementation Entity (OBIE) has published the Open Banking Standard version 3.1.10, which is the final release under the CMA’s revised roadmap

The updates to version 3.1.10 have been made in response to changes in the UK RTS, the requirements defined in the Transaction Risk Indicator proposition document, and feedback from ecosystem participants. These include change requests and reported errata. 

This version includes updates on: 

  • 90-day reauthentication – these changes mean that customers do not need to reauthenticate details with their Account Servicing Payment Service Providers (ASPSPs) every 90 days. They only need to reconfirm their consent with their Account Information Service Providers (AISPs) every 90 days. 
  • Transaction Risk Indicators – these can help ASPSPs understand the purpose of the payment, for example, gambling, which will enable improved risk assessment of Open Banking payments.  
  • The adoption of more customer-friendly terminology in illustrative wireframes to reflect the Common Terminology Guide.  For example, use of the terms ‘Variable Recurring Payment’ rather than ‘VRP’, and ‘reconfirm’ or ‘reconfirmation’ rather than ‘reconsent’. This will improve customer awareness and understanding of Open Banking technology.  
  • Known issues – updates driven by errata identified in version 3.1.9.  

The above updates have driven changes to the artefacts listed below. The Technical Design Authority has also approved the API Specification. Details of TDA Decision 252 can be seen here

The OBIE has updated the following: 

More: Link

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Keywords: Open Banking, SCA, ASPSP, Variable Recurring Payments
Categories: Banking & Fintech
Companies: CMA, OBIE
Countries: United Kingdom
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Banking & Fintech




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