The Equivalency Principle Policy clearly outlines which accounts an API Provider must provide access to through the use of our APIs. It states that a bank must provide access to accounts consistent with that customer’s Account Operating Authority and the bank’s terms and conditions.

How it works

In practice, the equivalency principle outlined in this policy simply states that if a customer has the existing authority to access and carry out actions on an account, then they must be able to act on that account via the API Centre’s APIs.

This policy has been designed to align open banking joint account and multi-authorisation scenarios to that of each API Provider’s existing practices. It does not set a standardised approach for the industry, rather allowing for the customer’s experience to be consistent with how they currently use their bank.