Open Banking is a brand new innovation that has been introduced to the UK Banking Sector. Open Banking allows Third Party Service Providers (TPPs) to use open Application Programming Interfaces (APIs) to build applications and services around financial institutions.
Through Open Banking standards, Banks provide the customer accounts and payment related details to TPPs prior to the consent from the customer. The TPPs use this information to create new secure and flexible Fintech products and services that they are able to offer to banking customers.
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The Open Data API provides up to date and standardised information about the latest available products and services. This API will help TPPs to create a comparison of products and services between banks on their websites or mobile apps.
The Accounts & Transactions API allows TPPs to retrieve data on authorised accounts and transactions. Data such as accounts, balances, beneficiaries, direct-debits, standing orders and any historical transaction details can be retrieved for the respective account holder.Learn more
The Payment Initiation API enables TPPs to make payments on behalf of our customers. Consent will be requested from the customer for a payment through this API. If approved and authorised by the customer then the payment will be acknowledged for payment submission.
The Confirmation of Funds (CoF) API allows Card Based Payment Instrument Issuers (CBPII) to confirm the available funds in the customer’s account. This is done by making the CoF request through this API having obtained customer consent to do so.
The Event Notification API enables TPPs to register their call back URL. This API also allows TPPs to send the event notification to the registered call back URL detailing the nature of the event and identifying the afflicted resource.