This section outlines how the Equivalency Principle can be applied to different accounts.

2.1 Applying the equivalency principle to Joint Accounts

If joint account holders’ Account Operating Authority allows either[1] account holder to access account information and/or authorise payments without the approval of the other, then that same authority will apply to open banking account information and/or payments initiation scenarios. Either account holder will be able to provide the approval to their Bank to act without the need of approval from the other.

[1] A joint account can have more than two account holders.  For simplicity, this document is written as if there are only two joint account holders in the scenario.  All of the principles would apply in the same way if there were more than two joint account holders.

2.2 Applying the equivalency principle to accounts requiring more than one authorisation

If an account holders’ Account Operating Authority requires payments initiation action to be authorised by more than one signatory on the account, then that same level of authority required will apply, respectively, to open banking payments initiation scenarios.[1]

If there is more than one signatory on the account and an account holders’ Account Operating Authority requires an account information action to be authorised and, then:

• If an API provider already has an equivalent practice over that account for who should authorise open banking account information actions, then that same level of authority required should apply.

• If there is no equivalent practice, an API Provider is free to establish their own new practice.  For example, on accounts with more than one signatory, the API Provider might establish that only one signatory is required to authorise a consent to share account information data with a Third Party on the basis that other account signatories are able to view and revoke account information consents on the account.[2]   

Note that there is no expectation of an API Provider applying equivalency between payments initiation and account information actions.

[1] Note that v3.0 Payments Initiation Standard will introduce the ability to support multiple signatories authorising a payment

[2] Note that API Providers conducted an assessment where it was determined that they do not have any current business need for the Account Information API standard to support more than one signatory authorising a consent to share data with a Third Party.