Open Banking body publishes operational guidelines

The Guidelines have been produced to provide clarity and recommendations to financial institutions (ASPSPs) on the regulatory requirements for a dedicated interface, as set out in PSD2, RTS, EBA Guidelines and FCA Approach documents. The Checklist consolidates the requirements of the FCA Checklist, and the recommendations of our Guidelines, and helps financial institutions identify where they are conforming to the latter.

Drafted in consultation with the industry and our many stakeholders over the past few months, the Guidelines and Checklist complement our API Specifications, Security Profile and Customer Experience Guidelines previously published. They clearly set out which aspects relate to the EBA Guidelines and FCA Approach, as well as detailing recommendations from the OBIE for best practice in supporting the design of effective and high-performing API interfaces. Additionally, financial institutions who adopt these Standards will be in a better position to show the necessary attributes and functionality to drive competition and innovation.

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.”

Source: Open Banking Implementation Entity