UK Promises Open Banking Improvements As Payment Initiators Complain

The overseer of the UK’s open banking initiative has promised “imminent” upgrades to application programming interface (API) standards, amid complaints from payment initiators that existing models are unworkable. 

Speaking at this week’s Money20/20 Europe event in Amsterdam, Imran Gulamhuseinwala, trustee of the Open Banking Implementation Entity, said a new iteration of the standards would be published and implemented by the UK’s nine largest banks in the next two months.

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