Open Banking

Three news stories.

• Should Open Banking be in the NFCW Expo? Is this your organisation? Find out how to get your NFCW Expo showcase.

UK banks to begin rollout of world’s first standardised open banking system

By Sarah Clark • • Updated • nfcw.com

UK’s Open Banking to launch on 13 January 2018 — Open Banking — “The UK is the first nation to implement a standardised open banking solution. In the UK we are creating a single technology standard enabling new services to be easily built and offered to consumers and small businesses… The first set of Open Banking APIs will go live to third party providers on 13 January.”

UK government expands open banking project to credit cards, e-wallets and prepaid cards

By Sarah Clark • • Updated • nfcw.com

UK’s Open Banking project expanded — Open Banking — “The OBIE [Open Banking Implementation Entity] has now been asked by the CMA9 and Her Majesty’s Treasury to create open banking standards for all payment account types covered by the European Union’s second Payments Services Directive (PSD2). This means customers using credit cards, e-wallets and prepaid cards will also be able to take advantage of open banking services.”

Open Banking launches account information and payment initiation API specifications

By Rian Boden • • Updated • nfcw.com

Open Banking launches account information and payment initiation API specifications — Open Banking — “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.”