What is Open Banking Limited?

Written by Team Yapily · December 12th, 2019

Open Banking Limited is a company mandated by the CMA to ensure that the nine largest retail banks and building societies in the UK meet the deadlines of PSD2 by delivering a common standard 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 initiate payment on authorised users' behalves

Institution Configuration

Currently, if you wish to connect to user-authorised bank accounts belonging to Open Banking UK institutions, you will need to enrol onto the Open Banking Directory.

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

The directory issues credentials that institutions will use to verify your application. Once you have registered and successfully generated a software statement assertion (SSA), you can use these to configure Open Banking institutions for your Yapily application. The exact credentials required for the institution that you are interested in will be displayed in the institution configuration window. Refer to the configuration guide for details on setting up each institution.

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