UK’s Open Banking initiative goes live after managed roll out

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The Open Banking initiative in the UK has finished a three-month managed roll out programme, leaving regulated companies free to start offering Open Banking 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, which offers guidance on things such as getting regulatory clearance to actually connecting to accounts.