Open Banking Standards version 3.0 published

This update builds significantly on the version of the Standards that launched in March 2018, effectively 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.

Commenting on this latest release, Imran Gulamhuseinwala OBE, Trustee of OBIE, said:
“The Open Banking Standards are now not only a driver of significant innovation and competition in the UK but also offer account providers a well-supported route to PSD2 compliance.

“The ability to access a far broader range of customer accounts will greatly enhance the services that firms can build and, ultimately, make it easier for customers to move, manage and make more of their money.

“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.”

Source: Open Banking Implementation Entity