Open Banking releases payments initiation API for UK bank data sharing
Open Banking, the UK bank-funded entity mandated by the Competition and Markets Authority to provide new ways for customers to share their financial data with non-bank providers, has released an API specification for accounts and transaction information and payments initiation.
The payments initiation API, which will be live from January next year, will enable third parties to set up secure payments on behalf of customers and, once authorised by the customer, submit the payment for processing. The specification currently caters for the submission of a single, immediate, domestic payment from UK personal and business current accounts and is payment scheme agnostic.
Imran Gulamhuseinwala, trustee of the Open Banking implementation entity, says: “The specifications we are releasing today provide the platform for developers from banks, fintechs and other organisations to build new web and mobile applications that will deliver a safer, more personalised and easier banking experience for consumers wishing to search, select and switch financial products in a secure environment.
“We are on track with our plans to develop a world leading open banking service where consumers will be able to significantly benefit from moving, managing and making more of their money.”