1.7 Open Banking

This topic provides information about enhancements in the Open Banking.

Table 1-12 Enhancements in UK Open Banking

Enhancements Description
AISP Enhancements
  • Updates have been made across Standing Orders, Balances, Transactions, Direct Debits, and Accounts APIs to align with Open Banking 4.0 specifications. These include the use of short codes, new status codes and 4 character error codes aligned with ISO 20022 formats, and the introduction of a DTO for mandate-related information in Standing Orders.
  • Permission codes have been updated to support additional creditor/debtor and financial statement details.
PISP Enhancements
  • Payment and status codes have been shortened to be consistent with Open Banking 4.0 regulations.
  • Payment Error codes have also been updated to the 4 character ISO 20022 code value format.
  • The ‘Reference’ field structure has been updated.
CHAPS and ISO 20022 Alignment (impacting AISP & PISP)
  • CHAPS related changes have been introduced, including support for structured addresses, Legal Entity Identifier (LEI), ultimate creditor/debtor details, beneficiary information, and purpose codes.
  • ISO 20022 alignment has been introduced for RemittanceInformation, MandateRelatedInformation, CreditorAccount, CreditorAgent, and Proxy.
Conformance Suite Conformance testing has been enabled for AISP, CBPII, and PISP under Open Banking v4.0.
Framework Consent Service A new ‘Consent Status Reason’ field has been introduced with standardized values (e.g., active, cancelled, expired).
FAPI 1.0 Advanced Enhancements Enhanced security compliance has been implemented with FAPI 1.0 Advanced, including stronger cryptography, stricter OAuth 2.0 / OIDC adherence, improved token management, mutual TLS enforcement, and token binding to prevent misuse.

Parent topic: Features and Enhancements