Open Banking publishes Open Banking Standards version 3.0

This update builds on the version of the Standards that launched in March 2018, giving account providers who implement them in full, a solution that complies with the EU’s second Payment Services Directive (PSD2).

Whilst previous versions of the Standards covered business and personal current accounts, Version 3 covers all products with payment capabilities (for example, credit cards, pre-paid and e-wallets) in any currency.

All of the CMA9 are expected to be live today with the previous version of the Standards. The key now, with this latest version, is to ensure that the Standards are implemented with a high degree of conformance and reliability across the account providers. OBIE will be focused on supporting the banking, credit card, building society and e-money sectors in doing just that, at pace, said Imran Gulamhuseinwala OBE, Trustee of OBIE.

Developed in conjunction with a broad base of stakeholders, from large banks to challenger institutions, fintech companies and consumer bodies, The Open Banking Standards v 3.0 include the following core components:

• Detailed Technical Specifications for all AISP, PISP and CBPII use cases

• Security Profiles for Redirect and Decoupled Flows

• Customer Experience Guidelines and Checklist

• Conformance and Certification

As a PSD2 compliant solution, OBIE believes that Version 3 should, with the caveat that some regulatory requirements are yet to be determined, serve as a platform on which Account Servicing Payment Services Providers (ASPSPs) can apply, with greater confidence, to their National Competent Authorities for an exemption from modified customer interface (enabling credential sharing / ‘screen scraping’ services).

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 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.