Open Banking, the UK bank-funded entity mandated by the Competition and Markets Authority to provide new ways for customers to share their financial data with non-bank providers, has released an API specification for accounts and transaction information and payments initiation. Thew new spec has been issued on the Open Banking Website for review and development by banks and third party service providers. It follows the issue in March of branch, ATM and product data APIs from the nine largest business and personal current account providers in the UK backing the project.
„Open Banking has developed specifications that determine how banks and building societies should enable other regulated companies to, with the customer’s express permission, access accounts and send payments. Using these standardised API specifications, banks and authorised third parties are now able to begin developing new, innovative propositions and to tailor their products and solutions to the individual needs of consumers and businesses.”, according to the press release.
These specifications are now available on www.openbanking.org.uk.
The payments initiation API will enable third parties to set up secure payments on behalf of customers and, once authorised by the customer, submit the payment for processing. The specification currently caters for the submission of a single, immediate, domestic payment from UK personal and business current accounts and is payment scheme agnostic, meaning that processing can take place via any payment system operator.
Imran Gulamhuseinwala, Trustee of the Open Banking Implementation Entity, said:
“This is the next step in the transformation and opening up of the banking industry to the benefit of consumers and businesses. In March, we delivered on the first of the CMA Remedies with version 1 of the branch, ATM and product data APIs from the nine largest business and personal current account providers in the UK.
“The specifications we are releasing today, which will be live from January next year, provide the platform for developers from banks, fintechs and other organisations to build new web and mobile applications that will deliver a safer, more personalised and easier banking experience for consumers wishing to search, select and switch financial products in a secure environment. We are on track with our plans to develop a world leading open banking service where consumers will be able to significantly benefit from moving, managing and making more of their money.”
Source: openbanking.org.uk
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
