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RE: The Open Banking Standard (HTTP API)

From: Telford-Reed, Nick <Nick.Telford-Reed@worldpay.com>
Date: Fri, 19 Feb 2016 12:52:55 +0000
To: 'Ian Jacobs' <ij@w3.org>, Manu Sporny <msporny@digitalbazaar.com>
CC: Web Payments IG <public-webpayments-ig@w3.org>, Web Payments WG <public-payments-wg@w3.org>
Message-ID: <F83606EEAA40AC4EA2919143B15B74C189CD6D94@UKDC2-PC-MBX03.worldpay.local>
A member of my team was on the working group that developed this initial Open Banking work. It's principally motivated by the need to allow for "Account Servicing Payment Service Providers" in the post-PSD2 ecosystem, but it is also something that conceivably be used by "Payment Initiation Service Providers" (PISPs). In practice, a first phase will be to allow "read-only" access to bank accounts (so balances and transaction history for example) and a subsequent phase would then allow things to be written to bank accounts (which would allow payments to be initiated).

My team and are engaged with the European Banking Authority on the new Regulatory Technical Standards on behalf of Worldpay and also as part of the European Payment Industry Federation (EPIF) and we are pushing for alignment with existing or nascent standards work like ISO 20022 and our work at the W3C. 

It's going to be a long haul but as Manu says, it is directly relevant to both the IG and WG's work. It also has a bearing on the verifiable credentials activity. I'd be happy to expand on this in the relevant section of the IG's agenda.


Nick Telford-Reed
e: nick.telford-reed@worldpay.com | m: +447799473854 | t: +44 203 664 5069

> -----Original Message-----
> From: Ian Jacobs [mailto:ij@w3.org]
> Sent: 18 February 2016 16:22
> To: Manu Sporny
> Cc: Web Payments IG; Web Payments WG
> Subject: Re: The Open Banking Standard (HTTP API)
> > On Feb 18, 2016, at 9:24 AM, Manu Sporny <msporny@digitalbazaar.com>
> wrote:
> >
> > This is a report noting that the UK has started toward an Open Banking
> > API using W3C/IETF technology. They're starting their own Standards
> > Setting Organization to do it (sadly). The API will give access to a
> > variety of banking features and cites PSD2 as one of the drivers for
> > the work. W3C is mentioned as important at the bottom of page 138.
> >
> > I keep saying that not doing HTTP API work is a missed opportunity for
> > W3C as this stuff is going to become more and more commonplace:
> >
> > http://www.scribd.com/doc/298569302/The-Open-Banking-Standard
> >
> > This is also why the HTTP API in the Web Payments WG is important. It
> > doesn't cover nearly everything that's covered in the Open Banking
> > API, but it does cover one major part of it (payments).
> >
> > This is directly relevant to the IG's future work.
> Hi Manu,
> I saw this recently and contacted our HM Government colleagues (in the
> WPWG) for more information; I have not succeeded in organizing a chat yet.
> Ian
> --
> Ian Jacobs <ij@w3.org>      http://www.w3.org/People/Jacobs
> Tel:                       +1 718 260 9447

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Received on Friday, 19 February 2016 12:53:25 UTC

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