Open Banking ends managed roll out, paving way for new services
17 April 2018 | 10078 views | 5
The UK's Open Banking initiative has completed its three-month managed roll out programme, leaving regulated firms free to start offering related services.
Since mid-January, the Open Banking Implementation Entity has carried out a managed roll out designed to prove that the systems designed to give customers control over their financial data are ready.
Now, the OBIE says that the operation has proven the account data access functionality of the Open Banking system, meaning that FCA authorised and registered third parties are now able to offer products based on it to customers.
However, payments functionality has not been tested to the "same degree" and so any new payments-focussed services will have to go through extensive proving.
Imran Gulamhuseinwala, trustee of the OBIE, says: "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.”
With the roll out complete, consumers and businesses can now start sharing their financial data with third parties. To help these new developers make the most of the system, the OBIE has set up a service called Launch Support, offering end-to-end guidance on things such as getting regulatory clearance to actually connecting to accounts.