The UK’s Open Banking Implementation Entity has now implemented version 3.0 of the Open Banking standard. The nine commercial clearing banks, known as the “CMA9”, which includes over 95% of all UK business current account providers with accounts online, are required to adopt version 3.0 and related functionality over the next 6 months, to 13 September 2019.
The CMA9 banks are mandated by the Competition and Market Authority to make access to their customer’s bank accounts with their permission available to authorised third party providers like CreDec.
Version 3.0 also marks the beginning of future dated payments for Open Banking payment initiation services, of which CreDec is an authorised provider.
The Open Banking competition remedy marks a fundamental change in UK payments and financial services.
Version 3.0 of the Open Banking standard, also coincides with the start of a new regulatory technical standard to increase the security arrangements protecting bank accounts and safeguarding customer’s credit balances. It provides for stronger Personal Security Credentials, the secure log-in and user information issued by the bank holding the account to each individual authorised users and signatory of business and personal online bank accounts.