Open Banking Limited seeks feedback on UK Open Banking Standard 4.0

Open Banking Limited (OBL) is seeking views on draft Open Banking Standard version 4.0, which is the first major release of the standard since September 2018.

The mandatory updates proposed by OBL reflect several Order-related activities to ensure the standard not only remains “fit for purpose”, but that it aligns with international best practice, both in terms of messaging standards, such as ISO 20022, and security – specifically, FAPI 1.0 Advanced.

Among the updates included in version 4.0 are improvements to information flows, including payment status and error messages.

These are in line with recommendations made by the Joint Regulatory Oversight Committee (JROC) Workstream 4, which is looking at “Improving information flows to TPPs and end users”, and which OBL and Pay.UK have been tasked with implementing.

At time of publication in December 2023, JROC recommended that the Open Banking standard be updated to improve information on payment statuses and to improve handling of error messages, as well as for payment systems to be updated to improve mapping of Open Banking messages.

Fiona Hamilton, standards director at OBL, said: “This release is a significant achievement, marking the first major release since 2018 to ensure the UK Open Banking Standard remains aligned with underlying global standards and provides a platform for improved information flows, benefiting all ecosystem participants.

“We are grateful for the widespread support and collaboration of the ecosystem in developing these updates and look forward to receiving further feedback during the consultation period.”

OBL has also updated the Operational Guidelines and said it is considering “migration strategies to try, as far as practical, to minimise disruption to the ecosystem”.

The consultation is open and will run until 16 May, with a view to releasing v4.0 as a final version of the Standard by the end of June this year.