Citi Enrols as Registered Third Party Payment Provider for UK Open Banking

Citi has announced that is has successfully enrolled as a Payment Initiation Service Provider (PISP) on the UK Open Banking Directory, becoming the first corporate bank to do so. Inclusion in the directory will allow Citi to begin piloting new payment and collection services for clients.

Open Banking in the UK, which went live in January 2018, 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, via open APIs. The directory is part of a wider shift in the global banking landscape from batch processing to real-time, hyper connected banking – an era of real-time payments and collections, and banking systems becoming accessible through APIs. 

 

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