UK’s Open Banking Implementation Entity (OBIE) has stopped managed roll out programme that was active for a three month period.
The decision will enable the regulated companies to provide open banking services to consumers and businesses.
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Since the service launch on 13 January 2018, the OBIE operated the managed roll out programme to demonstrate that this UK financial infrastructure is ready for customer service.
The initiative was withdrawn after it proved the account data functionality of open banking system.
However, payments functionality was not tested to the same degree and extensive testing of the new payment-focussed services will continue.
OBIE trustee Imran Gulamhuseinwala said: “Managed Roll Out has enabled us to introduce a vital new piece of our financial system ready for customers in just a few weeks.
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By GlobalData“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.”
Furthermore, the OBIE has also unveiled a new service called ‘Launch Support’ for the firms which are set to participate in the open banking ecosystem.
This service will offer guidance to these firms throughout the launch process from securing appropriate regulations to connecting to accounts.
