The Open Banking Implementation Entity (OBIE) has released its operational guidelines and checklist for open banking.
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.
These open banking guidelines will deliver clarity and recommendations to financial institutions (ASPSPs) on regulatory requirements for a dedicated interface, as set out in PSD2, RTS, EBA Guidelines and FCA Approach documents.
The checklist, which is also being published, unites the requirements of the FCA Checklist along with the recommendations of its own guidelines. Its goal is to help the financial institutions to identify where they are meeting compliance.
OBIE compiled its guidelines after consultation with the industry and its stakeholders, and counterparts with the previously released API Specifications, Security Profile and Customer Experience Guidelines. The new guidelines detail where aspects relate to the EBA guidelines and FCA Approach, as well as other recommendations around APIs.
Trustee of the OBIE, Imran Gulamhuseinwala OBE, said, “The Operational Guidelines and Checklist will ensure that the Open Banking Standard enables a well-functioning, successful ecosystem, where there are no barriers to the provision of products and services by TPPs.
“Adopted in conjunction with our Customer Experience Guidelines and Technical Standards, these go one step further to ensuring customers will ultimately enjoy enhanced and better experiences when using products and services powered by Open Banking.”
Earlier in the year, a study from Pepper, the mobile banking division of Israeli bank, Bank Leumi, found that 58 per cent of retail banks feel that PSD2-led open banking has had a ‘negative impact’ on their organisation.
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