November 2, 2020

Open Banking changes

The FCA has announced changes to limit the risk of disruption to open banking services after Brexit.

After the EBA revokes eIDAS certificates for UK TPPs on 31 December 2020. The FCA will permit UK-based TPPs to use an alternative to eIDAS certificates to access customer account information from account providers, or initiate payments from 2021.

The changes will mean:
UK-based TPPs will likely need to obtain a new certificate to be able to continue to provide open banking services in the UK, post-Brexit
Account providers will likely need to make technical changes to their systems to enable TPPs to continue accessing customer account information, by accepting an alternative certificate and informing TPPs as soon as possible which certificate(s) they will accept

All UK-based TPPs and ASPSPs must review the changes immediately and implement any necessary changes as soon as possible.

AFEP will be holding an Open Banking webinar so look out for the information.