Are UK financial institutions obliged to use the Open Banking Implementation Entity interface?

There is currently no obligation for UK registered organisations to use the Open Banking Implementation Entity (<a href="/glossarycollection/open-banking-implementation-entity" style="color:#48277C;" target="_blank" title="Open Banking Implementation Entity"><u>OBIE</u></a>) interface. The use of the OBIE interface is free, and although organisations are required to register with the Financial Conduct Authority (<a href="/glossarycollection/financial-conduct-authority" style="color:#48277C;" target="_blank" title="Financial Conduct Authority"><u>FCA</u></a>), they are not required to register with the OBIE.<br/><br/>

In general, any interface should be fit for purpose and able to support widespread usage. This means that using the OBIE interface would be sensible for a UK firm but it does not prevent them from using an alternative national or commercial interface.