Find out more about Open Banking Framework and get expert help from GovData, the leading Government Framework Experts
About Open Banking Framework
PROCUREMENT BODY – Crown Commercial Service
Framework Value: £800 million
Framework Duration: 8 years
What is the Open Banking Framework?
Open Banking is rapidly growing as an alternative to traditional bank systems.
Instead of relying on card payments, Open Banking services provide citizens and businesses with an alternative method of paying and/or receiving money from the Public Sector.
This Open Banking Framework is the first of its kind, providing a vehicle for Central Government and the Public Sector (such as schools, councils, and the NHS) to source Open Banking services, including digital payment services, account information services and confirmation of payee (CoP) services.
Thinking of applying to Open Banking Framework?
GovData has two decades of experience supporting British businesses achieve success through Framework agreements, particularly IT Frameworks. Our founder and CEO Chris Hugo was pivotal in the creation of G-Cloud, the UK’s first and largest Framework.
Since 2006, our team has won access to £120bn for businesses across the United Kingdom.
Framework Scope – Open Banking
Buyers will be able to access a range of open banking services including:
Payment Initiation Service Providers (PISPs): PISPs let you pay companies directly from your bank account rather than using your debit or credit card through a third party, such as Visa or Mastercard
Account Information Service Providers (AISPs): being an authorised AISP means that a company can access an individual’s bank account data from their financial institution with their explicit consent.
To help buyers find the services and suppliers to meet their need, they will be able to use the following filters:
Service type | Total contract value | Hosting and delivery capabilities
Lots – Open Banking Framework
Digital payments enable you to either make or receive payments digitally. This may include one or a combination of:
Page design and build for payments in: which refers to the designing and building of a web page that allows you to make and/or receive payments
The supplier will provide account information services which may include:
Income verification services
Risk identification services
Transaction/fund tracing and monitoring services
The supplier will provide a CoP service which may include:
Providing a name and/or account checking service to verify individuals and/or businesses
Providing either singular or multiple concurrent checks specified by the authority
Still not sure if Open Banking Framework is the right framework for you? Talk to our team of experts today, we’ll help you map the value of the framework to your services and understand the potential for your business.
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