FCA changes Open Banking ID requirements for life after Brexit

Account information service providers (AISPs) and payment initiation service providers (PISPs) registered/authorised in the UK will no longer be entitled to access customers’ payment accounts held at the EU payment service providers and their PSD2 eIDAS certificates under Article 34 of the Commission Delegated Regulation (EU) 2018/389 will be revoked. So whole lot of pain for those accessing European accounts?

Another opportunity for AISP and PISP in the UK- we can provide regulatory solution via alternate infrastructure to this problem and favourably slope regulations!

The FCA amendments to the open banking identification requirements have very clear next steps for both ASPSPs and TPPs.

 ASPSPs must assess what changes they need to make to their systems so they can accept at least one alternative form of digital certificate (in addition to eIDAS Certificates).  Any changes that need to be made must be implemented as soon as possible ahead of IP Completion Day. They also need to tell TPPs which alternative certificates they will accept as early as possible.

The amendments also clearly state that ASPSPs, without causing an obstacle, must “verify that the payment service provider is authorised or registered to perform the payment services relevant to its activities”.

For TPPs, the guidance is much simpler.  If their eIDAS certificates are likely to be revoked, they must have an alternative certificate(s) as soon as possible ahead of IP Completion Day.