Propositions

P21b • PSD2 in-scope multi-currency wallets

The purpose of this paper is to define requirements to support multi-currency wallets.

Other pages in this section

1. Version control

VersionDateAuthorsComments
V0.19 Mar 2023OBIE API Delivery TeamFor ASPSP review & feedback 
V0.213 Apr 2023OBIE API Delivery TeamFor EAG, TDA & Industry consultation
V1.031 May 2023OBIE API Delivery TeamTrustee approval

2. Overview

The current published Version 3.1.10 of the OBIE read/write API standard includes PSD2 in-scope accounts (multi-currency)” to support payer accounts of any currency. This paper addresses variants of global multi-currency wallets supported by an ASPSP with additional requirements that need to be extended to support them via AISP/PISP services.

This paper defines the overall proposition to support this extended read/write functionality requested by one of the CMA9 ASPSPs so that participants (ASPSPs and TPPs) and stakeholders (FCA, HMT, CMA) have a common understanding of what is and is not in scope, and how this proposal will support regulatory requirements and critical use cases. 

3. Customer use cases

The following are some example use cases which have been considered for this proposition. 

IDUse CaseMet
UC1: Personal Finance Manager(PFM)As a customer, I want to use a tool to have a consolidated view of all my finances across multiple providers and multi-currency wallets that I hold, so that I have an accurate view of my financial position helping me with my budgeting decisions.Fully
UC2: SME paymentsAs an SME, I want to use my accountancy package to pay my overseas vendors directly using my multi-currency wallets held with my bank in the local currency overseas.Fully
UC3: P2B paymentsAs a customer, I want to pay for my online purchases using my multi-currency wallet offered by my bankFully
UC4: P2P paymentsAs a customer, I want to pay from my currency pot in my multi-currency wallet account to a payment account in GBP.Fully
UC5: M2M paymentsAs a customer, I want to transfer funds between currency pots in my multi-currency wallet account.Fully

4. Detailed Product Requirements

Requirements categorised as ‘M'(Must Have) or ‘S'(Should Have) as per the MoSCoW ratings will be in scope for delivering the minimum viable product. All other requirements are listed for future consideration.

IDRequirementMoSCoWJustificationImplementation
1The OBIE's solution(s) must enable TPPs (AISP, PISP, CBPII) access to PSUs' currency wallet accounts which are payment accounts under the Payment Services Regulations 2017 provided the PSU can access these wallets through the ASPSPs online banking channel.MRegulatoryConditional

(Mandatory if provided by ASPSP on the existing channel)
2The OBIE's solution(s) must  enable PISPs to initiate payer-initiated payment transactions from currency wallet accounts for both personal and business customers.

These payment initiations include

Single immediate payments(SIP) in GBP currency,
Payments in cross currencies,
Payments in the same currencies but cross-border,
Domestic payments in non-GPB currency,
Domestic VRPs in GBP currency.		MRegulatoryConditional

(Mandatory if provided by ASPSP on the existing channel)
3The OBIE's solution(s) must enable the PSU to provide the TPPs (AISP, PISP, CBPII) with a valid account identifier for each currency pot in the currency wallet.MRegulatoryConditional

(Mandatory if provided by ASPSP on the existing channel)
4The OBIE's solution(s) must enable the PSU to provide the PISP, a valid identifier that can reference each currency pot in the payee's currency wallet account with the ASPSP.MRegulatoryConditional

(Mandatory if provided by ASPSP on the existing channel)
5The OBIE's solution(s) must enable the PISP to do a Confirmation of Funds (CoF) check on currency wallet accounts (pots) before initiating a payment for both personal and business customers.MRegulatoryMandatory
6The OBIE's solution(s) must enable the ASPSP to associate an enumeration for AccountSubType to support currency wallet accounts.MCustomerConditional

(Mandatory if provided by ASPSP on the existing channel)
7The OBIE's solution(s) must enable the PSU to make a domestic payment via a PISP, from any currency pot in a currency wallet account or payment account to another currency wallet account (or a specific currency pot) or account as long as there is a valid account identifier associated with the currency wallet account or payment account. MRegulatoryConditional

(Mandatory if provided by ASPSP on the existing channel)
8The OBIE's solution(s) must allow the ASPSP to return the status of the payment initiation to the PISP immediately after the receipt of the payment initiation request.MRegulatoryConditional

(Mandatory if provided by ASPSP on the existing channel)
9The OBIE's solution(s) must enable the ASPSP to return the payment amount , charges and any exchange rate applied by the ASPSP (with breakdown where applicable) immediately after the receipt of the payment order.MRegulatoryConditional

(Mandatory if provided by ASPSP on the existing channel)
10The OBIE's solution(s) must  enable the ASPSP to process refunds to the currency wallet account for all associated currency pots.MCustomerConditional

(Mandatory if provided by ASPSP on the existing channel)
11The OBIE's solution(s) must  enable the ASPSP to provide currency wallet account information in all the below AIS endpoints supported.

accounts
balances
products
statements
transactions
beneficiaries
direct debits
standing orders
offers
parties
scheduled payments		MRegulatoryConditional

(Mandatory if provided by ASPSP on the existing channel)
12The OBIE's solution(s) must enable the ASPSP to provide the balance for each currency pot in a currency wallet account in actual and estimated local currency equivalent e.g. GBP via statement endpoint. In addition, the OBIE solution must enable the ASPSP to provide total account balance in local currency equivalent (e.g. GBP) via statement endpointMCustomerConditional

(Mandatory if provided by ASPSP on the existing channel)
13The OBIE's solution(s) must  enable the ASPSP to provide the balance for each currency pot in the currency wallet account in actual and estimated local currency equivalent (e.g. GBP) via balance endpoint. In addition, the OBIE solution must enable the ASPSP to provide total account balance in local currency equivalent (e.g. GBP) via balance endpoint.MCustomerConditional

(Mandatory if provided by ASPSP on the existing channel)
14The OBIE's solution(s) must  enable CBPIIs to request a confirmation of funds for a currency pot from a currency wallet account provided the PSU can access this account through the ASPSPs online banking channel.MRegulatoryConditional

(Mandatory if provided by ASPSP on the existing channel)
15The OBIE's solution(s) should  inform the ASPSPs to provide additional information to the TPPs via their implementation guides/portals to support proprietary information to process payments via currency wallet accountsSCustomerConditional

(Mandatory if provided by ASPSP on the existing channel)

4.1 Payer/Payee account identifiers

Identifiers that can be used by the PISP to reference Payer/Payee account: 

Payment account TypeValid account identifiers(as supported by individual ASPSP)Valid sub identifier 
Currency Wallet accountAlphanumeric IDWalletAccount

5. Regulatory references

All references to Regulatory in section 4 are to the Payment Services Regulations 2017.

6. Considerations

6.1 Assumptions

6.2 Dependencies

6.3 Constraints