Mr. Open Banking’s Post

Open Banking Limited (OBL) announced the publication of the Open Banking Standard version 4.0, following approval by the Trustee. This is the first major release since 2018 and includes important mandatory updates to the security profile and widely recognised international messaging standards (ISO 20022). The release also includes optional updates to improve information flows (payment status and error messaging). Key updates, including the FAPI uplift, ISO 20022 alignment and information flow changes will enable to deliver the best possible experience for open banking users. #obl #openbanking #uk #version4

Do you want to know more about the update to the UK open banking standard and what it might mean to you? If the answer is yes then let me know and we can talk about this and/or anything else open banking / open finance related. #ozoneapi #openbanking #openfinance

What is the EU's latest open banking scheme, SPAA? The open banking ecosystem in Europe and the UK remains one of the most advanced – if not the most advanced – in the world. However, adoption has seen mixed success. The latest steps aimed at enabling further use cases and greater adoption comes via open banking's latest scheme, enabling premium APIs related to payment initiation and data sharing. It was recently announced that TrueLayer will be the first participant in the SEPA Payment Account Access (SPAA) scheme. SPAA covers “premium” APIs and is designed to be built on top of the "basic" services provided under PSD2. The focus of the SPAA is to promote and encourage the use of open banking for payments. It is not a payment method in itself nor is it a payment instrument. They believe this will provide functionality that consumers and businesses demand to drive adoption. While SPAA is still early in its rollout, this approach might provide a model for other markets looking to make open banking scalable, faster, if such schemes are incorporated earlier in the open banking journey. Read more from Michael J. in the latest from Flow: https://lnkd.in/egD3j3mC

As the US shifts towards Open Banking with CFPB’s proposed set of rules requiring FIs to share the customer data with other FIs upon customers’ request, the FIs need to consider and stay ahead of potential disruptions in the market. Given that Europe initiated the move to open banking in 2015, the EU represents an excellent case study as the US FIs consider the applicable threats and opportunities. My software development organization, Vega IT, has extensive experience supporting the implementation of open banking in Europe. In this article, my colleague Nebo Djurdjevic, our CIO applies this lens to potential hurdles and upsides of one prominent feature of the European open banking system – account-to-account (A2A) payments. #vegait #openbanking #a2a #payments

Standard compliant open banking APIs are our bread and butter, it's literally all we do! Here's 5 things we've noticed from supporting the major global open banking standards: https://ow.ly/35nz50SxWIw #OpenBanking #OpenBankingAPIs #OpenBankingStandards #FintechInsights #BankingTechnology

OBL has published Open Banking Standard v4.0 to assure future ecosystem growth. This is the first major release since 2018 and includes important mandatory updates to the security profile and widely recognized international messaging standards (ISO 20022). The release also includes optional updates to improve information flows (payment status and error messaging). Key changes in v4.0 Uplift from FAPI 1.0 Implements Draft 2 (to be fully deprecated by the end of 2024) to FAPI 1.0 Advanced Final – a mandatory implementation requirement. Key changes to align with ISO 20022, including fields required to meet Bank of England CHAPS requirements from 1 May 2025 – mandatory implementation requirement where marked. Improved information flows to facilitate provision of timely, definitive payment statuses and clear and consistent error messages – optional implementation requirement. https://lnkd.in/gpEnPxD4 Mahmoud AbuEbeid Biju Suresh-Babu Saleem Ahmed #payments #banking #data #openbanking #iso20022

This Forbes article addresses myths and market acceptance in Open Banking, focusing on security measures like strong customer authentication and regulated APIs under Europe's Revised Payment Services Directive (PSD2). The current SCA mechanism remains effective, and secure communication channels mitigate risks. The article also emphasizes educating users about open banking tools and best practices to address security concerns. While open banking has seen adoption, especially by small businesses, the author highlights the need for regulatory requirements, financial incentives, and user education to encourage wider adoption. Building trust through clear communication and real-life examples is seen as crucial for open banking acceptance. #Forbes #OpenBanking

What is the EU's latest open banking scheme, SPAA? The open banking ecosystem in the EU and the UK remains one of the most advanced – if not the most advanced – in the world. However, adoption has seen mixed success. The latest steps, aimed at enabling further use cases and greater adoption, come via open banking's latest scheme, SPAA. It was recently announced that TrueLayer will be the first participant in the SEPA Payment Account Access (SPAA) scheme. SPAA covers “premium” APIs related to payment initiation and data sharing and is designed to be built on top of the "basic" services provided under PSD2. The focus of the SPAA is to promote and encourage the use of open banking for payments. It is not a payment method in itself nor is it a payment instrument. They believe this will provide functionality that consumers and businesses demand to drive adoption. While SPAA is still early in its rollout, this approach might provide a model for other markets looking to make open banking scalable, faster, if such schemes are incorporated earlier in the open banking journey. Read more from Michael J. in the latest from Flow: https://lnkd.in/egD3j3mC

Will the UK's Smart Data Bill Accelerate Open Banking Adoption? 👉 Enhanced Consumer Control: The bill aims to give consumers greater control over their financial data, enabling more personalized and competitive financial products. 👉 Data Portability: By facilitating easier data sharing across financial institutions, the bill could streamline the adoption of open banking, making it simpler for consumers to switch providers and access new services. 👉 Regulatory Framework: The legislation will set new standards for data transparency and security, which may drive further innovation in the financial sector while ensuring robust consumer protection. https://lnkd.in/eewFQP8Z 💬 How do you see the Smart Data Bill influencing your business or the wider financial industry? #OpenBanking #SmartDataBill #FinancialServices #DataInnovation #RegulatoryImpact #TheGlobalTreasurer

📣 Open Banking is consulting on draft Open Banking Standard version 4.0, with a view to releasing it as a final standard by the end of June 2024. Fiona Hamilton, OBL's standards director, called the release "a significant achievement". Read more about the consultation and updates at the 🔗 #openbanking #datasharing #payments #openfinance #consultation #financialdata Fiona Fenn Smith Clare Ambrosino Henk Van Hulle https://lnkd.in/enzQ6nEx