Frequently asked questions
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The regulations can seem daunting, so we’ve created this easy-to-read intro to the basics. View here.
Well, it depends!
We’ll guide you through the process to understand if a product is in scope.
Here are some questions to ask yourself in order to help decide if you are in a position to build your own Open Banking APIs.
Compliance needn’t break the bank! Find out how our dedicated interface can solve the open banking challenge.
It can be tough to see how the ecosystem fits together. We’ve produced a guide to who does what, where and how.
Are there any benefits to publishing and maintaining a compliant open banking dedicated interface? The short answer is, yes! There are lots of benefits, a few of which we’ve set out here.
The TPP Guide contains instructions on how a TPP can connect to one or more Account Provider’s Dedicated Interfaces hosted on the tell.gateway platform.
Third-party providers may be approved by their regulator to perform one or multiple roles;
- Account Information
- Payment Initiation
- Confirmation of Funds
These roles are described in more detail in this Glossary, but as a client of tell.gateway, you don’t need to worry about the distinction. We ensure that third party requests are pre-qualified before they reach you, so they are only able to perform actions that match their regulatory status.
Whilst a dedicated interface – which tell.money can provide for you – is probably the largest and most complex part of the requirements, there are a number of other things that you’ll need to do in order to fully comply with the open banking regulations.
We provide a checklist which covers the general areas that need to be implemented here; Tell Money – Checklist .
Other useful Tell Money docs;
- Authorisation – This section describes the standard journey for authorising an account holder consent. Contact us if you would like to discuss customised or outsourced alternatives.
- To understand the different requirements for OBIE and NextGenPSD2 Consents, please click; Consent Screens
- To learn more on how the test harness works, please click; Test Harness User Guide
- Resources API – This section describes the methodology for tell.gateway to retrieve account information and initiate payments from your application or payment provider. We are happy to implement an alternative model whereby tell.gateway connects to your existing API using a bespoke handler so that you don’t have to.
You will need to set up a separate Gateway for a) UK, and b) EU; as they are governed by slightly different rules/requirements. (Please note – you do not need a separate gateway for each EU country/state – just one for all of the EU). You can point both Gateways to the same system on your side, so potentially only one integration.
The major difference between OBIE and NextGenPSD2 is that the user will provide the TPP the specific account they want the TPP to access before the consent request is made.
Permissions in NextGenPSD2 are on a per account basis instead of a per consent basis. For example the user may want to allow a TPP to read balance and transactions on one account, but only balance on another account.
Confirmation of Payee is a security feature and industry initiative designed to enhance the security of electronic payments within the UK. It helps prevent various types of fraud, particularly Authorised Push Payment (APP) fraud.
VoP is not currently a mandatory requirement, but some banks may choose to implement it as an additional security measure.
Confirmation of payee (CoP) is a process where the payer’s bank checks that the name of the payee matches the account details provided, before processing a payment. Verification of payee (VoP) is a similar process, but it may also involve checking additional information such as the payee’s address or date of birth.
The tell.money founders have been running fintech businesses for over 20 years, and the team have lots of experience operating and growing businesses in financially regulated markets, across banking, payment processing, e-money issuance, acquiring, compliance and financial technology. Having built global banking and payment processing platforms, we understand what it takes to do it right.
Our proprietary technology platform is developed, owned and supported by tell.money.
We believe that an open financial ecosystem is a key tool in the delivery of transparency, control, and protection, and therefore plays a vital role in the alleviation of financial hardship and poverty, both directly and indirectly.
Our mission is to make technology a force for good by enabling a truly open ecosystem that helps our customers and the community, while always striving to do the right thing, within an enjoyable and fulfilling working environment for colleagues and industry partners.
To gain more insight please use info@tell.money. Otherwise please contact us using support@tell.money
Just to name a few:
Spot duplicated transactions – an example can be found looking at the Demonstration account on the 9th of the month where there are 2 transactions for Virgin Media.
Look ahead at Future payments – You can view your upcoming standing orders. In google calendar set your look at the month ahead and you can see these transactions in purple. They are replaced by transaction events once they debit the account.
See where you made your transaction – We format location information provided by the banks to show you where you made your transaction. An example can be found on the demonstration account, on the 11th January for ‘The Cake Boutique’.
Will these transactions overwhelm my calendar view? – No, because regardless of the time the transaction occurs, all transactions that happened within the same day will appear as an ‘All day event’ at the top of the calendar, ensuring there is no cross-over with any events scheduled throughout the day.
No. As long as the bank / calendar is available as an option, you can connect it to your tell.life account, this includes all Open Banking Compliant Banks and all of the popular calendar providers such as Google, Outlook and Apple.
