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Open banking

Open banking gives you more control over how you share your financial information and sending payments.

If you give authority to an authorised Third Party Provider (TPP) to do so, they’ll be able to view your account information or make transactions on your behalf in a secure and standardised way.

Open banking covers all payment accounts, assuming you can manage these online or via a mobile application. You will be able to share your financial details, including transaction history and spending behaviour, with authorised TPPs.

What is a TPP?

If your account is accessible online, a TPP can provide you with additional services relating to your payment account. A TPP could:

  • Make payments from your account on your behalf, without the need to use your payment card
  • Allow you to view your accounts, regardless of provider, all in one place
  • Offer tools that help you analyse your transactions and spending habits
  • Carry out affordability checks.

Not every TPP can provide these services - they must be authorised by law to do so.

You can search for authorised UK TPPs on the Financial Services register

How does a TPP access information about my accounts?

A TPP can only access your information with your permission.

A TPP will need your online banking login and security details to provide you with their service(s). If we receive any instructions from a TPP using your accurate details, we will treat this instruction as if it were from you.

If you choose to use a TPP, please be aware that the personal and banking information you share with them is valuable to fraudsters. There is some crucial safety advice to remember:

  • Be cautious when you receive seemingly random contact by telephone, email or via social media. Fraudsters will pretend to be legitimate companies, so please be careful when anyone requests your personal or banking information.
  • Always check (and double check) that the TPP you are going to provide your online banking details to is legitimate and authorised.
  • Don’t disclose any personal or financial information if you don’t know who you are talking to or suspect the provider isn’t who they claim to be.
  • Make sure you understand and agree with the level of access you are providing to your account, what account data you will share, and how your information will be used.

If you wish to sign up to this service, you must contact regulated TPPs directly.

Information for TPP's

The Bank's implementation focuses on PSD2 regulatory compliance to enable access to online payment accounts by Account Information Service Providers (AISPs), Payment Initiation Service Providers (PISPs) or Card Based Payment Instruction Issuers (CBPIIs). Our approach to meeting PSD2 regulatory compliance is to provide access via modified customer interfaces across our Co-operative Bank Personal, smile and Business Banking brands.

A testing facility is available for you to test the connectivity and functionality of your applications and software to access payment accounts.

To engage with us to access the sandbox and to make use of our modified customer interfaces you will need to be authorised or registered, (as appropriate), by a competent authority, in the UK this is the FCA,

  • as an AISP, PISP or CBPII,
  • or to have applied to the FCA or a comparable competent authority for the relevant authorisation.

We will work with TPP’s who meet the above criteria to register in order to access our online payment accounts.

Please contact us at TPP.Support@co-operativebank.co.uk

A summary of our technical specification is provided below.

The Co-operative Bank Open Banking Platform Overview V2

Help and support for customers

Need more information about Open banking and TPP's? Search through our FAQ's for the answers you need.

Learn more about Open banking and TPP's