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.
If your account is accessible online, a TPP can provide you with additional services relating to your payment account. A TPP could:
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
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:
If you wish to sign up to this service, you must contact regulated TPPs directly.
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 APIs are being developed so that they follow the Open Banking standard specifications for Read/Write APIs.
To engage with us to use our APIs you will need to be authorised or registered, (as appropriate), by a competent authority, in the UK this is the FCA,
We will work with providers who meet the above criteria to onboard and access our Open Banking services. In preparation, TPPs can choose to enrol with the Open Banking Directory.
For more information on how to enrol with the Open Banking Directory please visit https://www.openbanking.org.uk/providers/directory/
Need more information about Open banking and TPP's? Search through our FAQ's for the answers you need.