Open Banking UK

Deepa Bhat edited this page Feb 11, 2019 · 36 revisions

What is Open Banking UK?

Open Banking Limited is a company mandated by the CMA to ensure that the 9 biggest retail banks and building societies in the UK meet the deadlines of PSD2 by delivering a common specification of financial APIs.

Read more on the Open Banking website or at https://www.yapily.com/what-is-open-banking

List of banks and their configuration guides:

  1. AIB Group (UK) plc, also trading as First Trust Bank in Northern Ireland
  2. Bank of Ireland (UK) plc
  3. Barclays Bank plc
  4. HSBC Group
  5. Lloyds Banking Group plc
  6. Nationwide Building Society
  7. Northern Bank Limited, trading as Danske Bank
  8. The Royal Bank of Scotland Group plc
  9. Santander UK plc (in Great Britain and Northern Ireland)

Features:

  • 🌐 Open Data - Read access to banks' product information
  • 🔒 Account Information - Read access to authorised users' account information
  • 🔒 Payment Initiation - Write access to payments initiation on authorised users' behalf

Institution Configuration

To integrate with user-authorised bank accounts in production, you need to register with Open Banking to get Signing Key ID and Certificates (Transport & Signing). These credentials should be used to configure the institutions that you have added to your Yapily application. Refer to the configuration guide for details on setting up each institution.

Open Banking Enrolment Guide:

To access Open Banking institutions using the Yapily API there are some requirements:

  1. Your entity must be FCA regulated: https://www.fca.org.uk/firms/authorisation/how-to-apply
  2. Enrol in the Open Banking Directory as an AISP/PISP: https://directory.openbanking.org.uk/s/login/SelfRegister
  3. Nominate Yapily as your technical contact when enrolling with Open Banking. Yapily will handle the technical requirements to provide authorisation flows and to facilitate subsequent API calls.

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