Open Banking Demo Account

[Paul Kelly ICHYB]

Does anyone know of a demo bank account that can be used for an open banking connectivity test (for transaction downloads)?

 

[Daybooks]

Usually the API development environment has a sandbox area specifically for the purpose. Assuming this is the nature of the question.

 

[Paul Kelly ICHYB]

the API development environment

Which one?

I have developers working on this using the OB guidelines, but there isn't a resource to use (that we can find) via OB.

I have an un used bank account they can connect to, however, there is limited data to use.

 

[Paul Kelly ICHYB]

OH, found this:

Page Not Found - Confluence

openbanking.atlassian.net

I hope this is what we are looking for!

 

[Daybooks]

OH, found this:

Page Not Found - Confluence

openbanking.atlassian.net

I hope this is what we are looking for!

That looks very helpful. The Payment Debtor Test Account look as though they have the test accounts required.
Does the open bank connectivity just provide a common access where banks conform to a set structure or do banks still each have their own set up. The reason for the question is I’ve thought about using it but didn’t know whether one solution would fit all or you needed separate configurations for each bank.

 

[Daybooks]

Been doing a little reading too. Did you know you have to get FCA regulated.

 

[Paul Kelly ICHYB]

Did you know you have to get FCA regulated.

Nope, but expected something like that!

 

[Paul Kelly ICHYB]

Does the open bank connectivity just provide a common access where banks conform to a set structure

That's my understanding, but I am still learning!

 

[Daybooks]

That's my understanding, but I am still learning!

It looks like the largest nine UK banks we required to sign up to it and others have since joined. Open Banking is apparently now regulated by the FCA and only registered businesses can use it. Registering with Open Banking seems relatively straightforward but presumably much more rigorous for FCA.

If using purely for transaction downloads then question of pros and cons compared to csv files. Using to initiate payments is a whole new level.

Would be interested to know how you get on.

 

[Paul Kelly ICHYB]

I have been reading some of the regs and requirements and it sort of makes sense.

The fees documents are total gobledy gook!

 

[Daybooks]

I have been reading some of the regs and requirements and it sort of makes sense.

The fees documents are total gobledy gook!

For FCA registration or OB registration?
Share the link and I’ll take a look. I guess the fees are similar to that of Microsoft authentication- over the top and needlessly complicated.

 

[Paul Kelly ICHYB]

From OB, you need to be:

Company to registered on Companies House.
Company to be regulated by the FCA, for your AISP permission.

AISP is just to access data, non-transactional

The FCA docs 15.4 refers to the Fees Manual but does not help with RAISP costs.

'The fees of authorised PIs, authorised EMIs and RAISPs are based on income.'

I have also found this fees calculator.

Clear as mud.

 

[Daybooks]

From OB, you need to be:

Company to registered on Companies House.
Company to be regulated by the FCA, for your AISP permission.

AISP is just to access data, non-transactional

The FCA docs 15.4 refers to the Fees Manual but does not help with RAISP costs.

'The fees of authorised PIs, authorised EMIs and RAISPs are based on income.'

I have also found this fees calculator.

Clear as mud.

https://www.fca.org.uk/firms/authorisation/apply/fees

I think the registration fee for a RAISP is that of category 3.
Account Information Providers need to be registered if they are passing data to the user. If you are just accessing the data to determine something else without passing that data to the user then it looks like you may not need to register. However I get the impression that you would be better off being registered as you can then be verified on their directory.

If you process payments then I think there is some minimum capital requirement. I think this is some insurance against unauthorised payments.

In addition to the registration fee am sure there will be an annual fee although not seen the details yet.

I would also expect that there is an approval process to verify that your API procedures are correct. Not sure who this might be though.

Definitely something I may consider doing in my next development stage.

What is your planned use if you don’t mind me asking; unless confidential?

 

[Paul Kelly ICHYB]

I am developing a UK-compliant accounts package for all businesses, but as a plugin for WP and WooCommerce, launching in a few weeks.

Looks like the auto bank importing will be delayed (manual is working) and MTD reporting is almost complete, just some finner points.

It will also have a basic CRM system built in.

 

[chenmichael]

Instead of depending only on the outdated OBIE model-bank configuration, I would also consider some of the more recent Open Banking API providers if your primary goal is transaction-download testing rather than payment initiation. I've found that Finexer allows access to account and transaction data, so it could be worthwhile to test that in addition to the aforementioned sandbox choices.

 

[chenmichael]

Try the sandbox first, that's what it's for. They give you a good demo as well.