Open Banking Around the world

January 14, 2023 | permanent

Open Banking #

tags: ,

Sources #

ref

India #

Called Unified Payments Interface (UPI)

UPI #

Account Aggregator (AA) #

UPI is a digital payment system through which a user can both send and receive money through a Virtual Payment Address (VPA). The money will be directly debited from the customer’s bank account. ref

UPI enables PIS (Payment Initiation Service) #

India’s Unified Payments Interface (UPI), which enables third-party initiated payments (PIS) through a centralized API framework, has been used to drive the digitisation of payments and movement of money with phenomenal success. As of November 2020, UPI transaction volume had reached the 2 billion mark, representing 10% of India’s GDP. ref

Apps providing UPI feature #

PhonePe
Paytm
BHIM app
MobiKwik
Google pay
Uber
Chillr
Paytm Payments Bank
SBI Pay
iMobile
Axis Pay
Bank of Baroda (BOB) UPI
An Account Aggregator (AA) is a type of RBI regulated entity (with an NBFC-AA license) that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network. Data cannot be shared without the consent of the individual.
ref

UK #

Open Banking Standard Specifications

EU (EEA) #

Called PSD2 (Payment services directive 2)

Open Banking Map #

http://www.openbankingmap.com/