The OBIE releases latest open banking standards

The Open Banking Implementation Entity (OBIE) has published the latest open banking standard.

Version 3.1.2 includes updates of the Customer Experience Guidelines (CEGs) and the Operational Guidelines (OGs). Only minor changes and clarifications have been made following consultation with participants in the ecosystem.

With these adjustments, OBIE is hoping to offer banks better features and functionality to move beyond simple PSD2 and RTS compliance.

One of the updates is proposition P2 (two-way notification for revocation). This will allow ASPSPs, which are financial institutions offering payment accounts with online access, to notify Account Information and Payment Initiation (AISP) services in real-time whenever a customer revokes access to their account.

Under proposition P8, which is the Trusted beneficiary exemptions under SCA, ASPSPs will be able to accept payment initiation without strong customer authentication for PISP payments to a trusted beneficiary.

The next amendment is to proposition P9 (status of payment) which will allow ASPSPs to provide more detailed and meaningful status back to the PISP, past initiation.

Another one of the updates is in regard with proposition P22 (corporate accounts). The change means it will now be relevant to accounts where more than one person needs to authorise account access.

To read the latest version of the standard it can be found on their website.

Earlier in the year, OBIE released its operational guidelines and checklist for open banking. Its checklist combines the requirements of the FCA Checklist with the recommendations of its own guidelines. Its goal is to help financial institutions meet PSD2 compliance.

OBIE was established by the UK’s Competition and Markets Authority to create software standards and industry guidelines which nurture competition and innovation across the UK.

Copyright © 2019 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.