The Open Banking Implementation Entity (OBIE) has published the third version of its Open Banking Standards, building on those launched in March.

The latest update effectively gives 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.

Imran Gulamhuseinwala, trustee of OBIE, said that 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 with the previous version of the standards,” he stated. “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.”

Developed in conjunction with a broad base of stakeholders, from large banks to challenger institutions, FinTech companies and consumer bodies, the latest standards include the following core components:

• Detailed Technical Specifications for all AISP, PISP and CBPII use cases.
• Security Profiles for Redirect and Decoupled Flows.
• Customer Experience Guidelines and Checklist.
• Conformance and Certification.

As a PSD2-compliant solution, OBIE believes that Version 3 should - with the caveat that some regulatory requirements are yet to be determined - serve as a platform on which Account Servicing Payment Services Providers (ASPSPs) can apply to their National Competent Authorities for an exemption from modified customer interface – enabling credential sharing or ‘screen scraping’ services.

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