OBIE publishes latest version of the Open Banking Standard

Thursday 2 May 2019 13:11 CET | News

The Open Banking Implementation Entity has launched Version 3.1.2 of the Open Banking Standard that extends beyond basic compliance with PSD2 and RTS.

The UK-based Open Banking Implementation Entity (OBIE) announced the publication of the latest Open Banking Standard, version 3.1.2 – including updates to the Customer Experience Guidelines (CEGs) and the Operational Guidelines (OGs). Both Guidelines include a number of minor changes and clarifications which have been made in consultation with participants in the ecosystem, and also include updated versions of the checklists.

This latest version helps banks deliver features and functionality that will enable them to move beyond basic compliance with PSD2 and RTS.

This update includes the following enhanced functionality:

  • Proposition P2 (Two way notification of revocation) to allow ASPSPs to notify AISPs in real-time via a web-hook whenever a customer revokes access to their account.

  • Proposition P8 (Trusted beneficiary exemptions under SCA) to allow ASPSPs to accept a payment initiation without Strong Customer Authentication for PISP payments to a trusted beneficiary.

  • Proposition P9 (Status of payment) to allow ASPSPs to provide more detailed and meaningful payment status back to the PISP, beyond just initiation.

  • Proposition P22 (Corporate Accounts) to cater for accounts where more than one person needs to authorise account access.

Propositions P2 and P8 are included in the published roadmap as part of Release 4, originally planned for implementation by September 2019. However, implementation timelines for Release 4 have not yet been confirmed, and further updates will be provided via the Open Banking Testing Working Group.

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Keywords: The Open Banking Implementation Entity, OBIE, UK, Europe, open banking standard, standard launch, Open Banking, PSD2, Payments Service Directive 2, RTS, Regulatory Technical Standards, PSD2 compliance, banking, Open API
Countries: World