The UK’s nine largest banks will only allow “whitelisted” third-party providers to use their technological interfaces for account access, a bid to take fears over payment fraud into their own hands.
Imran Gulamhuseinwala, chairperson of the Open Banking Implementation Entity, told an industry event last week that the common application programming interfaces (APIs) currently under development will only be open to firms authorised by the domestic regulator.
“We are whitelisting the fintechs, or third parties, that are able to access open banking,” he said at the Westminster Forum on open banking.
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