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PSD2 | A revolutionary framework opening up UK payments | Osborne Clarke

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"The scope of the CMA’s retail banking order is narrower than the access requirements under PSD2, but it is envisaged that the Open Banking API will serve as a means of providing a standardised PSD2-compliant access interface. To this end, we note the proposed extension of the CMA9 specification for Open Banking APIs from personal and business accounts, to all the payment accounts covered by PSD2, i.e. credit cards, e-money wallets and some types of online savings accounts, as well as voluntary participation by other non-CMA9 ASPSPs."

From "PSD2 | A revolutionary framework opening up UK payments | Osborne Clarke".

When I took part in the judging of the NESTA Open Up Challenge, I noted that it was a common complaint from innovators developing new financial services that the open banking provisions did not cover credit cards (which is needed to establish credit references and history) and did not extend beyond the “CMA9” so this proposed extension is good news on two counts.

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