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Open Banking goes live to consumers

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  • 17/04/2018
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Open Banking goes live to consumers
Open Banking services can now be offered directly to customers by fully authorised companies as the managed roll out of the programme has been completed.

 

 

 

The body charged with implementing Open Banking has been operating the managed roll out phase since 13 January to prove the new piece of UK financial infrastructure was ready for customers.

Today it confirmed that the programme has successfully proven the account data access functionality of the Open Banking system.

This means that Financial Conduct Authority (FCA) authorised and registered third parties are now able to offer products based on it to customers.

However, it noted that as regulated companies focused on the data capabilities of Open Banking, it has not been possible to test the Payments functionality to the same extent.

Therefore, new payments-focused services will still be put through extensive proving as they engage with the system.

In addition to ending managed roll out, the Open Banking Implementation Entity (OBIE) has also created a service for companies coming in to the Open Banking ecosystem.

Launch Support will provide an end-to-end guidance service for third parties to ensure that they are helped to go live, from obtaining the appropriate regulation to connecting to accounts.

 

Mortgage innovation

Open Banking has been heralded as a likely source of innovation within the banking and wider financial services markets, with hopes that it will invigorate the mortgage process.

Specialist lenders are particularly keen to utilise the services to enable them to get a clearer picture of the borrowers they are receiving applications from.

However, the general public appears to be hesitant about allowing third parties to access financial data and the industry has admitted it will need time to give customers confidence to use it.

OBIE trustee Imran Gulamhuseinwala said: “Managed roll out has enabled us to introduce a vital new piece of our financial system ready for customers in just a few weeks.

“We have learned an enormous amount and refined the system to the point where we can be entirely confident that we can now give consumers and businesses real control of their financial data.”

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