Open Banking is set to become a reality this year, according to Alan Ainsworth, head of policy at Open Banking (pictured above, centre).
Speaking at MHP Communications’ Open Banking event, Alan said that, in September, the industry would see “significant” change in the number of products and services available through Open Banking.
This is due to the implementation of version three of the Open Banking Standard.
The third version was published in September 2018 and updated in November.
Its implementation is expected from 13th March 2019 for CMA9 personal and business current accounts, and by 13th September 2019 for any ASPSP (account servicing payment service provider) which adopts the standard.
It builds on the version of the standards launched in March 2018, and will give account providers that implement them in full a solution that complies with PSD2.
Previous versions of the standards covered business and personal current accounts, however, version three covers all products with payment capabilities.
This includes credit cards, pre-paid cards and e-wallets.
“We’ve put in place a lot of the building blocks,” said Alan.
“Some of those building blocks have not yet been implemented by the banks.
“So, the biggest building block is what we call … version three of our Standard.
“So, September is when you will start to see an increasing number of applications coming to market offering these products and services to consumers and businesses.
“That’s not to say there won’t be lots of deliverables between now and September, but I think once that new version comes into the market that will be when you’ll start to see significant change in the number and nature of the applications and services.”
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