Crown Dependencies Directory
Banks and financial institutions in the Crown Dependencies – Jersey, Guernsey, and the Isle of Man – can offer their customers access to open banking services.
Why join?
Our new Crown Dependencies Directory enables certain banks and financial institutions in Guernsey, Jersey and the Isle of Man to participate in – and benefit from – the open banking ecosystem.
Joining it allows participants to voluntarily connect to Third Party Providers (TPPs) which are already enrolled in the OBL Directory for PSD2.
Once you have successfully enrolled, you can explore the opportunities to develop open banking products and services for customers based in the Crown Dependencies.
What does it offer your customers?
Open banking enables consumers and small to medium-sized enterprises (SMEs) to securely share their bank transaction data with trusted third parties to access financial applications and services to help them manage their money more effectively.
It also means they can benefit from personalised products – allowing you to offer enhanced product propositions that can help save your customers time and money. You can see some of the wide range of examples below.
Benefits for personal customers
Bank account aggregation
Personal finance tools
Mortgages
Product comparison
Micro savings and account sweeping
Identity verification
Investment tools
Credit file enhancement
Debt advice
Charitable giving
Benefits for business customers
Accountancy and tax efficiencies
Financial management for SMEs
Improved
cashflow
Ecommerce payments
Consent management
Loans and automatic borrowing
Foreign exchange
What do you get?
Our Crown Dependencies Directory offers a secure platform and sandbox that allows you to:
• Simplify implementation with a standardised security model.
• Test new propositions in a secure, live environment.
• Offer an enhanced experience to TPPs and customers to build brand recognition.
We also offer expert guidance to help with onboarding and the post-implementation process, so you are confident to engage with TPPs.
How does it work?
Our Crown Dependencies Directory forms part of the core infrastructure of our ecosystem. It enables participants to make payments and to request and grant access to customers’ financial data in a secure, permissioned way via open banking APIs.
We have built a separate authorisation domain, including a sandbox, which allows banks in these territories to connect to TPPs in order to provide services in a similar way to a PSD2 environment. You can see how this works in the diagram on the left. Click here to view expanded diagram
Legal requirements
When you enrol, you will need to sign terms and conditions with OBL. As the Crown Dependencies Directory sits outside the PSD2 framework, you will also need to enter into contractual arrangements with interested TPPs in those territories to ensure relevant legal and regulatory requirements are covered.
