Payment Methods

Open Banking Rolls Out Payments Initiation API

Open Banking, the U.K. bank-funded entity  that was 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.

In a press release Open Banking said the new spec was released on its website for review and development by banks and third-party service providers. In March, Open Banking issued branch, ATM and product data APIs from the nine biggest business and personal current account providers that are backing the Open Banking project in the U.K.

With the payments API, which Open Banking said will be live starting in January of 2018, will allow third parties to create secure payments on behalf of customers and submit payment for processing.  The payments initiation API will enable third parties to set up secure payments on behalf of customers and, once authorized by the customer, submit the payment for processing. The specification currently caters for the submission of a single, immediate, domestic payment from U.K. personal and business current accounts and is payment-scheme agnostic.  “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,”  said Imran Gulamhuseinwala, trustee of the Open Banking implementation entity in a press release Wednesday (July 5). “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.”

 

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