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The Open Banking frequently asked questions (FAQs) are as follows:
- What is Open Banking?
Open Banking has been designed to increase innovation and competition in the banking markets. You could make better financial decisions by seeing your current accounts in one place, whilst also having access to other financial services online, such as budgeting and comparison tools. Also, you will be able to make a payment directly from your current account e.g. to some online retailers.
- Is Open Banking Secure?
Firms who are providing services by Open Banking must comply with data protection laws and must be registered or authorised with the Financial Conduct Authority (FCA). They will also need to be registered with Open Banking.
- Do I have to use Open Banking?
No. You’ll only use Open Banking if you give permission to a regulated app or website. It’s always your choice – you need to give your explicit consent.
- What data is shared?
If a company asks you to share information, they have to be clear about what they are going to do with it and how long they will keep it for. The only current account data they can ask you for is divided into the following four groups:
- Account name, number and sort code, account balance and any other name which you give to your accounts
- Direct debits, standing orders and other payee agreements that you may have set up
- Incoming and outgoing transactions
- The types of accounts you have, including benefits, fees, services and interest
- Are all banks using Open Banking?
To begin with, the nine largest retails banks and building societies operating in the UK and NI will be offering Open Banking to customers. These financial service providers will maintain a consistent approach which will enable data to be shared with other companies, such as comparison websites.
- Why is this being Introduced?
Open Banking is an initiative driven by the Competition and Markets Authority, aimed at bringing greater competition and innovation to banking services. This could grant customer more control over their data and finances as well as access to other service providers to meet their needs.
- How will Open Banking benefit me?
Open Banking is designed to bring you greater market choice on how you control your money, for example how you compare and select the right account for you. There may be services which offer budgeting guidance and debt management guidance. You will also be able to make a payment from your current account e.g. to some online retailers.
- Am I automatically opted in?
You are not opted into Open Banking automatically. To take advantage of the services provided via Open Banking you will first need to provide explicit consent to a regulated third party provider to access your account information or to make a payment and you will also need to give us permission to authorise this request using your online banking security credentials.
However if you don’t consent, your data will not be shared with them and you will not be using Open Banking.
If you can't find an answer to your query, please call us on 0330 024 7574, or use the form below.