Open banking means sharing financial data with third parties in a secure environment, and Payment Services Data Sharing Services (OHVPS) comprise two core services defined for the payments area under the open banking umbrella.
What Is Open Banking?
- Open banking is the opening up of data in the financial system, in line with the established regulations, to access by authorized third party service providers (TPP) through standard Application Programming Interfaces (API).
What Are Payment Services Data Sharing Services (OHVPS)?
Under Payment Services Data Sharing Services (OHVPS), there are two core services defined for the payments area, which falls within the authority and responsibility of the CBRT:
- Payment Initiation Service: A payment order initiation service provided, at the request of the payment service user, in relation to a payment account held at another payment service provider [Article 12, paragraph one, subparagraph (f)]
- Account Information Service: A service that provides, on online platforms and subject to the payment service user's consent, consolidated information on one or more payment accounts held by the payment service user with payment service providers [Article 12, paragraph one, subparagraph (g)]
What Is the Purpose of Open Banking and Payment Services Data Sharing Services (OHVPS)?
- Under open banking and Payment Services Data Sharing Services (OHVPS), authorized third party service providers can offer citizens the ability to carry out transactions much faster, at lower cost and with a better user experience through the innovative financial services they develop in a competitive environment, while financial institutions can also make their existing core services available to citizens more widely and in the way best suited to customer needs through authorized third party service providers.
Where can I find the OHVPS participants and the participants that have completed the OHVPS certification process?
The most up-to-date information on this subject is available on the BKM (Interbank Card Center) website.
It can be accessed at the link below:
https://bkm.com.tr/urunler-ve-hizmetler/odeme-hizmetleri-veri-paylasim-servisleri
