OBIE freshens up open banking standards
The Open Banking Implementation Entity (OBIE) has published version 3.0 of its open banking standards to comply with the EU’s second Payment Services Directive (PSD2).
Level up!
According to OBIE, this update builds “significantly” on the version of the standards that launched in March 2018.
Whilst previous versions of the standards covered business and personal current accounts, version 3.0 covers “all products with payment capabilities” (for example, credit cards, pre-paid and e-wallets) in any currency.
Imran Gulamhuseinwala OBE, trustee of OBIE, says: “All of the CMA9 are expected to be live today [7 September] 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.”
The CMA9 is not an edgy hip-hop group but the nine largest banks and building societies in the UK, based on the volume of personal and business current accounts.
They are AIB Group (UK) trading as First Trust Bank in Northern Ireland, Bank of Ireland (UK), Barclays, HSBC, Lloyds, Nationwide Building Society, Northern Bank trading as Danske Bank, The Royal Bank of Scotland (RBS), and Santander.
Earlier this month, OBIE created a useful infographic to show some recent progress in open banking.
