This document is based on existing research undertaken by OBIE over the last 4 years, a detailed audit of existing language used in the market, work undertaken on the naming of dashboards undertaken in early 2021 and an interactive workshop held in June 2021 with a range of participants including ASPSPs, TPPs and consumer experts.
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The purpose of this document is to set out a series of preferred terms and terms to avoid by participants when describing open banking to consumers. We have identified two main language issues in the market:
We have seen the value of simplifying language and bringing consistency in other financial services markets, such as the pensions market which has made significant progress in eliminating unhelpful jargon and bringing greater consistency.
This introductory quote from the NEST work on pensions language could equally apply to open banking:
Words alone are rarely enough to change behaviour, especially when the change is needed on a national scale. It’s relatively easy to persuade someone that saving for retirement is a good idea – provided you can gain their attention in an ever-noisier communications environment. Yet decades of industry experience and academic studies have shown that it’s quite another matter to translate this good intention into action. The behavioural biases that stand in the way of retirement saving are well-known and they can be much more powerful than any positive intention to save.Beyond the Defaults, 2020. See here
This document is intended as guidance and following its recommendations is recommended but optional for participants.
 Beyond the Defaults, 2020. See here
In developing this language guide, we have used the following principles, developed and agreed with the Expert Advisory Group which met during May and June 2021
Note: Whilst the SWIFT BIC is required to route the payments, for payments in Euro the customer does not have to provide this, the sending bank must derive it from the beneficiary IBAN
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