OpenBanking UK Status - EIC - May 2019
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A quick recap on OpenBanking UK and it's current status, as presented during the OpenID Foundation Workshop at the European Identity Conference in May 2019.
OpenBanking UK Status - EIC - May 2019
- 1. OpenID Foundation OpenBanking UK Status May 2019 Update
- 2. Joseph Heenan: FAPI Certification Program May 2019 Update A Quick Recap Largest 9 banks (the CMA9) in the UK were found to be having an adverse effect on competition UK Government required these 9 banks to implement APIs similar to PSD2 o 18 months ahead of PSD2 timelines oUsing a standardised API o Covering only current accounts Security profile derived from FAPI-RW specifications
- 3. Joseph Heenan: FAPI Certification Program May 2019 Update UK Banks Largest 9 banks (the CMA9) are using standards derived from AIB, Barclays, BOI, Danske, HSBC, Lloyds, Nationwide, RBS, Santander Further UK banks due to deploy same standards o Sainsburys, Creation, Cynergy, ClearBank, Cumberland BS, Yorkshire BS, Vanquis, Currently banks are not returning customer identity CMA9 have all passed an older (pre-FAPI) version of the FAPI conformance tool Banks aligning to FAPI standard within the next year CIBA is allowed but not required
- 4. Joseph Heenan: FAPI Certification Program May 2019 Update UK API Consumers >23 API-consuming services live with end-users as of March 2019 >38 million API calls in March 2019 Uses vary o Account aggregation oAffordability checks o Credit scoring o Financial forecasting
Editor's Notes
- #4: The smaller banks are effectively required to adopt an established standard by PSD2, as doing otherwise is essentially impossible due to the requirement to prove to the relevant regulator 'is widely used and is easy for TPPs to use, a requirement thats almost impossible for a small bank that few TPPs are keen to integrate with. https://www.fca.org.uk/publications/policy-statements/ps18-24-approach-final-regulatory-technical-standards-and-eba-guidelines-under-revised-payment Banks are actually aligning to a OB specific profile of API with a few extra requirements, however (unlike the previous Open Banking Security Profile) it is now a true profile, nothing conflicts with or weakens FAPI.