Open Banking V4 API overview

The Open Banking Version 4 API standards were released in June 2024 with a requirement for the banks subject to the Competition an Markets Authority to migrate.

The majority of technical improvements do not impact client integrations using the Modulr Payment Initiation Service. There are improvements to payment statuses that clients may wish to incorporate.

As each institution (ASPSP) deprecates its V3.x Payment initiation API the service is transitioned to the equivalent V4.x API. Further details of ASPSP API versioning can be found in the Open Banking Limited Transparency Calendar

Additional payment status fields in V4

Single immediate payment

Payment status	Type of Change	Payment Status Description
Rejected	Existing	Payment instruction has been rejected.
Pending	Existing	Payment instruction is pending. Further checks and status update will be performed.
AcceptedSettlementInProcess	Existing	All preceding checks such as technical validation and customer profile were successful and therefore the payment instruction has been accepted for execution.
AcceptedWithoutPosting	Existing	Payment instruction included in the credit transfer is accepted without being posted to the payee's customer’s account. Note that most banks do not provide this information.
AcceptedSettlementCompleted	Updated (see note)	This is replaced in the V4 API with a new status (AcceptedSettlementCompletedCreditorAccount); to mitigate this as a breaking change for clients the Modulr platform will internally generate a AcceptedSettlementCompleted status for V4 ASPSPs when this replacement status is received.
AcceptedCreditSettlementCompleted	Deprecated	Note that most banks did not provide this information.
AcceptedCustomerProfile	New	Preceding check of technical validation was successful. Customer profile check was also successful.
PartiallyAcceptedTechnicalCorrect	New	Payment initiation needs multiple authentications, where some but not yet all have been performed. Syntactical and semantical validations are successful.
AcceptedFundsChecked	New	Preceding check of technical validation and customer profile was successful and an automatic funds check was positive.
AcceptedSettlementCompletedDebitorAccount	New	Settlement completed. Only used by bilateral agreement for Market Infrastructure reporting to Infrastructure Participant or an Account Servicer to Account Owner to report that the transaction account entry has been completed; Note most ASPSPs will not use this status
AcceptedWithChange	New	Instruction is accepted but a change will be made, such as date or remittance not sent.
Blocked	New	Payment transaction previously reported with status 'ACWP' is blocked, for example, funds will neither be posted to the Creditor's account, nor be returned to the Debtor.
Received	New	Payment instruction has been received.
AcceptedTechnicalValidation	New	Authentication and syntactical and semantical validation are successful

Fixed Recurring Payments (Standing order)

Payment Status	Type of change	Payment Status Description
InitiationFailed	Existing	Standing order has been setup successfully but the individual payment has failed
InitiationCompleted	Existing	Standing order has been setup successfully and the individual payment has been successfully completed.
Received	New	Payment instruction has been received.
Rejected	New	Payment instruction has been rejected.
Cancelled	New	Payment initiation has been successfully cancelled after having received a request for cancellation.
PartiallyAcceptedTechnicalCorrect	New	Payment initiation needs multiple authentications, where some but not yet all have been performed. Syntactical and semantical validations are successful.
Pending	Updated	This replaces the InitiationPending status - Payment instruction is pending. Further checks and status update will be performed.
AcceptedTechnicalValidation	New	Authentication and syntactical and semantical validation are successful

Payment Context Codes

As part of the v4 update, payment context codes have been remapped to their new equivalents. This means there is no change required for you today, we continue to support those inputs and will automatically translate them.

Note that there are two new codes you may choose to optionally start using.

v3 to v4 codes

V3 code	Mapped V4 code
BILLPAYMENT("BillPayment")	BILLINGGOODSANDSERVICESINADVANCE ("BillingGoodsAndServicesInAdvance")
ECOMMERCEGOODS("EcommerceGoods")	ECOMMERCEMERCHANTINITIATEDPAYMENT ("EcommerceMerchantInitiatedPayment")
ECOMMERCESERVICES("EcommerceServices")	ECOMMERCEMERCHANTINITIATEDPAYMENT ("EcommerceMerchantInitiatedPayment")
PARTYTOPARTY("PartyToParty")	TRANSFERTOSELF("TransferToSelf")
OTHER("Other")	TRANSFERTOTHRIDPARTY("TransferToThirdParty")

New v4 codes

v4 code	Description
BILLINGGOODSANDSERVICESINARREARS ("BillingGoodsAndServicesInArrears")	Post-paid billing scenarios
FACETOFACEPOINTOFSALE ("FaceToFacePointOfSale")	In-person payments

ASPSP (institution) v3 deprecation dates

The table below lists current dates of ASPSP switchover to only supporting PIS requests using the Open Banking v4 API standard. Payment status updates will be available shortly before these dates.

ASPSP/Bank Brand	Date of V3 deprecation
HSBC Business	13th June 2025
HSBC Personal	13th June 2025
First Direct	13th June 2025