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The Open BankingStandard
Unlocking the potential of open bankingto improve competition, efficiency andstimulate innovation
 
CONTENTS
1. Executive Summary............................................................................................................32. Introduction.........................................................................................................................83. Foundations......................................................................................................................114. Opportunities and Challenges..........................................................................................145. Scope of Data...................................................................................................................176. Customer Benefits............................................................................................................207. The Open Banking Framework.........................................................................................247a. Standards.......................................................................................................................257b. Developer Resources.....................................................................................................377c. Security...........................................................................................................................417d. Governance....................................................................................................................558. Regulatory and Legal Considerations...............................................................................649. Implementation Plan.........................................................................................................76 Appendices...........................................................................................................................81Glossary.............................................................................................................................143 Acknowledgements............................................................................................................147
 
1. Executive Summary
Context
In the 2015 Budget HM Treasury announced its commitment to delivering an open standard for  Application Programming Interfaces in UK banking, to help customers have more control over their data and to make it easier for financial technology companies (FinTechs) or other businesses to makeuse of bank data on behalf of customers in a variety of helpful and innovative ways. The Governmentexplained that this could help to drive more competition in banking to improve outcomes for customers, and further support the UK’s world-leading FinTech industry.In summer of last year, at the request of the Economic Secretary to the Treasury, Harriett BaldwinMP, the Open Banking Working Group (OBWG) was established to take forward this work. Their objective was to produce a detailed framework for how an Open Banking Standard could be designedand delivered, with a timetable for achieving this. The OBWG comprised industry experts frombanking, open data, and consumer and business communities to ensure a diverse range of expertviews are represented. This report is the OBWG’s detailed framework for delivering an Open BankingStandard in the UK. Leadership in this area will set precedents across many sectors; a strong data infrastructure will be asimportant to the UK’s economy today, as roads have been to our success in the industrial economyfor over a century. Banking as a service has long sat at the heart of the economy because of theneed to seamlessly and efficiently connect different economic agents who are buying and sellinggoods and services. The need for that ease of connectivity only increases in a digitally enabledeconomy, and the capabilities that underpin it necessitate that connections be made in very differentways.Trust will remain the single most important factor in determining how those different means of connecting will be made beneficial. Our challenge has been to determine how best to enable highsecurity (a critical foundation to building and maintaining trust) while not impeding development in arapidly changing world.The European Union is rapidly advancing legislation that will, upon implementation in the next twoyears, require UK banks (subject to consent from individuals and businesses) to open access to their customer data and payments capabilities. The UK has diligently fostered a vibrant financialtechnology environment and stands ready to reap the benefits of that legislation sooner than manyother markets. Other markets (in the EU and beyond) have begun to implement aspects of an openbanking standard, but none have produced a definitive outline of such a standard, let alone aroadmap for its implementation. There is, therefore, a significant opportunity for the UK economy if wetake a lead in this space. This will require that we invest rigorously in development over the next 6-12months.
Open Banking Standard
Our goal in publishing this Framework today is to enable the accelerated building of an Open BankingStandard in the UK.It has been developed based on input from an expert group drawn from the banking, FinTech anddata communities, building on preliminary work by HM Treasury in the first half of 2015. At its core,the Framework represents a set of foundational recommendations that are intended to allow theprocess of building the Open Banking Standard to commence immediately. Those recommendations

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