Announced in yesterday’s autumn budget, the Open Banking project is being expanded. It will include all payment account types, such as prepaid cards, credit cards and e-wallets.
The development comes after the Competition and Markets Authority (CMA) told the nine largest current account providers in Great Britain and Northern Ireland last year to let customers share their financial data with non-bank providers.
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The requirements are coming into operation in January. The expansion means bank customers using credit cards, e-wallets and prepaid cards will be able to take advantage of open banking opportunities.
Imran Gulamhuseinwala, trustee of the Open Banking Implementation Entity, said: “Key to any innovation is the process of discovery and it became clear through the second half of 2017 that there is much more the OBIE could do to drive adoption of Open Banking and create a richer environment for new services.
“These enhancements should give even greater confidence to the fintech community to seize the opportunity to participate fully in the financial services ecosystem.
“They will create standards for future dated, recurring and international payments as well as all the payment and product types covered by PSD2.”
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