OBL releases new version of Open Banking Standard

Monday 1 July 2024 15:19 CET | News

Open Banking Limited (OBL) has announced the release of the Open Banking Standard version 4.0, marking the first significant update since 2018.


Approved by the Trustee, this version introduces mandatory updates to the security profile and aligns with international messaging standards (ISO 20022). Optional updates aim to enhance information flows related to payment status and error messaging. 

OBL officials highlighted the collaborative development process involving the entire ecosystem. According to OBL the Standard, which holds particular significance to the Open Banking framework benefiting millions of active users and contributing over GBP 4 billion to the UK economy, will continue to evolve under OBL's supervision. Efforts also extend to supporting the Joint Regulatory Oversight Committee (JROC) in maximizing Open Banking's benefits across retail banking and broader markets, reinforcing the UK's global innovation leadership. 

OBL representatives also emphasised key updates such as the FAPI uplift and ISO 20022 alignment as crucial for improving the Open Banking user experience. The updates received broad support from the ecosystem, underscoring their significance in maintaining the Standard's robustness and driving economic benefits.


Open Banking Limited (OBL) has announced the release of the Open Banking Standard version 4.0, marking the first significant update since 2018.


A closer look at the updates 

Technical updates include transitioning from FAPI 1.0 Draft 2 to FAPI 1.0 Advanced Final by the end of 2024, mandatory alignment with ISO 20022 for Bank of England CHAPS requirements from May 2025, and optional improvements in information flows for payment statuses and error messages. Additionally, the release addresses minor known issues and regulatory obligations for CMA9 ASPSPs. 

The development process involved input from an Expert Advisory Group and a consultation period, reflecting widespread engagement across stakeholders. Key updates encompass modifications to specifications, customer experience guidelines, and operational guidelines to ensure alignment with evolving standards and user expectations.

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Keywords: research, product upgrade, Open Banking, financial services
Categories: Banking & Fintech
Companies: Open Banking Limited
Countries: United Kingdom
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Banking & Fintech

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