Citi is gearing up to become the first corporate bank to enroll as a Payment Initiation Service Provider (PISP) with UK Open Banking Directory.
According to news sources, CitiBank will join UK’s Open Banking framework to provide an aggregated payments collections service for its business clients, tapping the APIs of the country’s largest nine banks, with a view to meeting treasurer’s evolving needs for easy access to payment data without the need to build applications or interfaces to connect to proprietary banking portals.
Citibank’s head of payments and receivables, Ireti Samuel-Ogbu, stated that ‘inclusion in the directory is part of a wider shift in the global banking landscape from batch processing to real-time payments and collections as banking systems becoming accessible through APIs’, reports say.
“Open Banking in the UK is particularly attractive to us and our clients as it enables collections with open APIs standardized and live across the Competition and Markets Authority nine banks. A lot of banks are focused on [Open Banking] from a compliance perspective, We see it as an opportunity to enable collection [of payments],” he said.
UK’s Open Banking went live in January 2018 and requires the nine largest UK banks to publish open APIs, enabling regulated third-party providers to access bank accounts securely and with account holder consent.
Source – Finextra & Financial Times