OBJECTIVES

To ensure there is consistently high performance and availability across all APIs so open banking services are available to consumers when they want to use them, and that those APIs operate smoothly, efficiently and reliably. 

SCOPE

Collecting Phase 1 /Phase 2 data on API performance and availability, direct channel performance and availability, authentication efficacy and conversion rates, providing MI to JROC and to participants submitting data. 

Mitigating the risks of financial crime

OBJECTIVES

To reduce the risk that open banking is used to facilitate financial crime, we need to understand existing levels of financial crime in open banking.

Through this sub-stream, OBL is conducting a voluntary fraud data collection exercise, which aims to build a clearer understanding of financial crime in open banking payments and to identify emerging trends and areas of concern. 

SCOPE

– Voluntary fraud data collection exercise, which aims to build a clearer understanding of financial crime in open banking payments and to identify emerging trends and areas of concern. 

– To identify if the Open Banking Standard needs to be updated in order to reduce fraud. 

Mitigating the risks of financial crime

OBJECTIVES

To implement tools to effectively mitigate the impacts of financial crime in open banking (transaction risk indicators (TRIs)) and develop a longer-term roadmap for how tools could evolve in the future, balancing fraud control with the need to reduce friction. 

This objective will be delivered through a pilot of the existing financial crime tools included in the Open Banking Standard, the gathering of efficacy data and the development of a roadmap for tools to address financial crime in open banking payments.  

SCOPE

Phase 1 Pilot 
Evaluate current TRIs in a test environment to test efficacy and identify qualitative outcomes for TPPs and ASPSPs.

Phase 2 Pilot 
Evaluate current TRIs to confirm accuracy and relevance, making changes, deletions, or additions as necessary. 

Longer-term Roadmap 
To go beyond TRIs as they currently exist and explore additional crime prevention tools to detect and reduce fraud for TPPs and ASPSPs. 

Ensuring effective consumer protection if something goes wrong

OBJECTIVES

To ensure consumers have the appropriate degree of protection if something goes wrong with their open banking transaction.

SCOPE

– Building on the previous report prepared by OBL, which identified specific gaps in consumer protections, to further understand each gap and to develop a recommended approach.

– To evaluate the level of consumer protections that are necessary to maximise take-up of open banking payments in retail transactions for both consumers and merchants.

– To evaluate the level of consumer and data protections that are necessary to maximise greater adoption of account information services.

– To recommend changes that could be made within the limits of the existing regulatory framework, and what potential changes to the framework might be required in future.  ​

Improving information flows to TPPs and end-users 

OBJECTIVES

That TPPs and end-users receive appropriate, timely and consistent information regarding the provision of open banking payments and error messaging more generally. This will give certainty as to the status of open banking payments, and clarity as to why an unexpected event has occurred during an open banking journey. 

SCOPE

– OBL to gather implementation plans from the CMA9, non-CMA9 ASPSPs and some of the largest TPPs in the market. This will enable OBL to produce the desired artefact.

– OBL to also get updates from Pay.UK on Recommendation 3 related changes (payment system changes to support clarity of payment status) to add to the report. 

Promotion of additional services, using non-sweeping VRPs as a pilot

Workstream 5.1 – Technical

OBJECTIVES

To ensure that all necessary technical and functional requirements are in place and implemented to support successful delivery of Wave 1 of the rollout, including giving consideration to Waves 2+ and the longer-term roadmap.  

Aim to satisfy all technical recommendations and requirements identified by the blueprint and identified by OBL/Pay.UK as necessary. 

SCOPE

All technical and functional elements of preparation for Wave 1. 

A longer term technical/functional roadmap, to identify technical and functional gaps to be considered for Waves 2 and beyond.  

Workstream 5.2 – Disputes

OBJECTIVES

– To create an effective and fit-for-purpose disputes management system for Wave 1, and review whether it can be leveraged for Wave 2 cVRP transactions. 

– Leverage existing technologies and solutions for Waves 1 and 2 to ensure timelines are met and costs are controlled, subject to the evaluation of technical disputes system requirements.

SCOPE

Waves 1 and 2 

– A disputes system for low-risk cVRP transactions and an arbitration solution for issues between TPP and ASPSP where the outcome cannot be resolved between the parties that can potentially scale to handle a high volume of disputes across multiple sectors. 

Workstream 5.3 – Industry Coordination

OBJECTIVES

– Engage with ecosystem participants to identify candidate ASPSPs and TPPs interested in participating in the different waves of the rollout and to ensure the broader ecosystem is involved and kept informed of cVRP developments.

– Support ASPSPs and TPPs in their implementation of cVRP functionality through the rollout. Provide MI on rollout performance. 

– Track and report on the participants’ readiness to ensure a successful rollout pre- and post go-live. 

SCOPE

– End-to-end project engagement with ecosystem participants (ASPSPs and TPPs) in the rollout of the different waves.  

– Collecting potential Wave 1 use cases to inform policy work on sector definitions.  

Workstream 5.4 – Multilateral Agreement (MLA) Development

OBJECTIVES

– Deliver the clauses required for a Wave 1 cVRP Multilateral Agreement (MLA) through key deliverables (e.g., MLA template and guidance notes, advice on competition etc). 

– Where applicable, procure and work with legal resource to codify the MLA clauses into a final MLA legal contract and associated schedules and guidance that is the basis for the first wave of cVRPs.

– Ultimately delivering the cVRPs ecosystem that PISPs and ASPSPs can deliver to.  

– Continue to develop clauses for later waves to be implemented in the MLA to build out to an MLA 2.0 and MLA 3.0.

SCOPE

Wave 1 
Government, utilities and non-sweeping financial services 

Wave 2
Low-risk e-commerce 

Wave 3
Medium-risk e-commerce