How does Open Banking relate to the Regulatory Technical Standards (RTS)?

The Regulatory Technical Standards (<a href="/glossarycollection/regulatory-technical-standards" style="color:#48277C;" target="_blank" title="Regulatory Technical Standards"><u>RTS</u></a>) mandate that an organisation which offers an online payment account must provide Third-Party Providers (<a href="/glossarycollection/third-party-provider" style="color:#48277C;" target="_blank" title="Third-Party Provider"><u>TPP</u></a>) with an interface to access the account. TPP access to account information and the ability to initiate a transaction is generally known as 'Open Banking'