OBL publishes Open Banking Standard v4.0

By Gloria Methri

Open Banking Limited (OBL) has announced the publication of the Open Banking Standard version 4.0, following approval by the Trustee. This is the first major release since 2018 and includes important mandatory updates to the security profile and international messaging standards (ISO 20022). The release also includes optional updates to improve information flows (payment status and error messaging).

Marion King, OBL Trustee, said, “The Standard has laid the foundations for a thriving open banking ecosystem which benefits 9.79 million active users and is worth more than £4 billion to the UK economy. OBL will continue to maintain and update the Standard to ensure it is robust and able to support the future development of open banking. We will also continue to support JROC’s work to deliver the full benefits of open banking within retail banking markets and beyond, retaining the UK’s position as a global leader in innovation.”

Fiona Hamilton, Standards Director, OBL, said, “Key updates, including the FAPI uplift, ISO 20022 alignment and information flow changes, are all incredibly important to deliver the best possible experience for open banking users. As the transition work unfolds, we will continue to maintain the Standard that underpins the UK’s open banking success, helping to deliver substantial benefits to users and the wider economy. The Department for Business and Trade estimates the value of open banking and smart data schemes will be worth around £28 billion.”

The proposed updates reflect Order-related activity to uplift the security profile as the current version has been deprecated, and to ensure our Standard aligns with globally recognised messaging.

The OBL Technical Design Authority (TDA) voted to support the updates to the Read/Write specifications. The release also addresses several minor known issues and one change request to allow a CMA9 ASPSP to meet its regulatory obligations.