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Payments & FinTech Lawyer

CMA issues final Order on the Open Banking standards

The UK’s Competition and Markets Authority (‘CMA’) issued on 2 February 2017 its Retail Banking Market Investigation Order 2017, which sets out how its recommendations should be implemented including those relating to Open Banking. The Order states that the new open banking standards must be developed by the UK’s nine largest banks by 13 January 2018.

The Order requires the Implementation Entity (‘IE’) set up by the nine banks to implement, maintain and make widely available the Opening Banking standards. The Order takes account of the fact that the UK payments market is engaged in developing open APIs as part of the move to comply with the PSD2, which also has an implementation date of 13 January 2018. The Order states that the open banking standards should not ‘include provisions that are incompatible with the requirements in PSD2.’

“I think industry will really welcome some minor but important amendments to the final Order and the accompanying guidance that makes it clear that the Opening Banking solution to be developed by the IE should be compatible with PSD2 requirements. The Order recognises that in the longer term the IE may extend its regime into other areas to cover other PSD2 requirements,” said John Salmon, Partner at Hogan Lovells International LLP.

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