UK’s Open Banking organisation releases API specs
Open Banking is the implementation entity set up by the Competition & Markets Authority (CMA) in the wake of its Retail Banking Markets Investigation report (August 2016). This report, inter alia, required the largest banks in Great Britain and Northern Ireland to collectively establish an Implementation Entity through which they would adopt and maintain common API standards.
Now Open Banking has released its Accounts and Transaction Information and Payments Initiation API Specifications. This follows the issue in March of branch, ATM and product data APIs.
Fintechs and other third parties will be able to use the payments initiation API to initiate payments on behalf of customers and submit them for processing. At present the specification provides for the submission of a single, immediate, domestic payment, and processing can take place via any UK payment scheme.
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.”