The body set up in 2016 by the UK Competition and Markets Authority to create open banking standards for the nine largest British banks.
It produced the Open Banking Standard, one of the first detailed API specifications of its kind, and influenced open banking design well beyond the UK.
OBIE was succeeded in 2022 by Open Banking Limited, which continues the work. The term still appears in older documentation.
Bankers' Automated Clearing Services: the UK system for direct debits and credit transfers between UK bank accounts.
Identified by: no code of its own; payments are addressed with a six-digit sort code and account number.
Commonly used for salary payments, bill payments and government disbursements. BACS runs on a three-working-day cycle, which is why urgent UK payments go through Faster Payments or CHAPS instead.
A six-digit code identifying bank branches in the United Kingdom for domestic payments.
Format: 6 digits, usually written XX-XX-XX.
Example: 20-00-00 (Barclays).
Used for Faster Payments, BACS and CHAPS transfers in the UK.
Note: the dashes are a writing convention only. The sort code itself is six digits: 200000.
