Barclays Starts Preparations For Open Banking

Barclays Starts Preparations For Open Banking

One of UK`s largest banks Barclays has released a publication educating consumers on the issue of Open Banking, a data sharing regime to be introduced next year

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One of UK`s largest banks Barclays has released a publication educating consumers on the issue of Open Banking.

The bank has set a goal to inform consumers about the new data sharing regime that is to be introduced in the UK next year. A number of consumer surveys have shown that Brits have limited knowledge of the so-called Open Banking that is to be launched soon.

Barclays stated that they would launch their Open Banking solution in 2018, allowing users to share data with other providers, as well as to view data from other providers through the bank`s mobile app.

The bank`s API catalog is now offering basic data services for branch and ATM location and product information. As reported by Finextra, the bank has announced a “Coming Soon, Open Banking APIs” pledge and instructions for registration and authorization of Account Information Service Providers and Payment Initiation Service Providers.

Another big bank HSBC has gathered 10,000 customers to test their Open Banking platform for aggregating account data from other banks. Moreover, the bank is collaborating with the technology platform Bud to launch special money management tools that make use of the free-flow of data between accounts.

However, the organizations offering Open Banking services will be asked to limit the number of instructions processed and only make it available to a small group of customers during the first six weeks.

The Open Banking in the UK will initially cover personal and small business accounts. Nevertheless, the banks behind the rollout have reportedly decided to extend the standards to cover a wider range of payment services like credit cards and e-wallets in 2018 and 2019.

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