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Open Banking

What is Open Banking?

How Open Banking works

Safety and security

Common questions

Information for TPPs

What is Open Banking?

Open Banking gives you the choice to let regulated third party providers, known as TPPs, access your bank account data.

Third party providers can introduce you to new banking products and services. They could also give you a more detailed understanding of your accounts, and help you find new ways to make the most of your money.

Open Banking is designed to bring more competition and encourage innovation in financial services.

Giving TPPs access to your account is completely optional.

open banking

How Open Banking works

The features of Open Banking, which are offered by TPPs, can include:

  • Personal finance management
  • A single view of all your accounts in one place
  • Debt management tools
  • Make payments directly from your bank, through a third party provider's app or platform
  • Product comparisons and recommendations to help you save money

For third party providers to be able to offer any of these features, the provider will either:

  • use specific software that can work in the background online or through a mobile app. This software talks to the software provided by the bank, allowing them to share information between each other.
  • use login details to access your bank account on your behalf and find the information they need to.
You must give your explicit permission to the provider before they can do either of these things. TPPs must give you enough information to understand the nature of the service, how it will use your data and whether it will share your data with anyone else.

If you use online or mobile banking with your current account you can give TPPs access to your account information today.

Safety and security

Any third party that offers an open banking service must be regulated by the FCA or European equivalent. They also must comply with data protection laws. In the UK, that's the Data Protection Act. You can check the FCA register for a list of all authorised TPPs. 

You will be asked to provide explicit permission to the TPP accessing your data. You can choose which services you use, and which providers you allow to access your information.

If you choose to use Open Banking, please be aware that personal and financial information you share with third party providers is valuable to fraudsters. Remember to:

  • be cautious when you receive seemingly random contact by telephone, email or social media. Fraudsters will pretend to be legitimate companies, so please be careful when anyone requests your personal or financial information.
  • double check that the third party provider you are providing your banking details to is legitimate and authorised. 
  • avoid disclosing 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, what account data you will share, and how your information will be used.

Stop sharing your data

Get in touch with the TPP directly to remove their access to your data.

Make a complaint

If you have a complaint about the service provided to you by the third party provider, contact them directly. If you have a complaint regarding the security of your accounts or behaviour of a TPP that you think is in breach of the Data Protection Act, please contact us.

Common questions

All you need to do is sign up to regulated third party providers (companies who offer Open Banking services) who work with us. Third party providers themselves will be able to tell you more about the services they offer.

Third party providers can offer to:

  1. Connect with your bank account and use information about your account to offer price comparison or debt management tools to help you manage your money. These third party providers can 'look but not touch', so they can't move your money or make a payment for you.
  2. Connect with your bank account and make payments for you, from your bank account. These third party providers can help you move money across your accounts to make sure you don't go overdrawn or help you top up a savings account without you manually having to do so.
  3. Link your current account to an e-wallet or similar using a mobile device. When you use the e-wallet to make a payment, the third party provider will check if you have enough money in the account before completing the payment. These third party providers can't see your whole balance.

Third party providers can offer a mixture of services. For example, some TPPs may be able to check whether you have enough money in your account AND make the payment on your behalf.

There are various reasons why we may not work with a certain third party provider, but you can ask them to approach us to use our services. We work with all third party providers that approach us, as long as they provide the required information, we can verify their identity and they are fully authorised to act as a third party provider.

If the third party provider is logged in and accessing your account on your behalf, you will still qualify for Everyday Rewards, so long as you meet all qualifying criteria.

To get Everyday Rewards, each month you must:

  • Pay in a minimum of £800 to the nominated account.
  • Stay in credit, or within your agreed arranged overdraft limit on the nominated account.
  • Log in to Online Banking or the Mobile Banking app at least once during the month.
  • Remain opted in for Paperless Statements on your nominated account.
  • Pay out at least four Direct Debits from your nominated account.

If you have further questions, you can find out more information about Open Banking.

Information for TPPs

If you are a third party provider and want to work with us, please read our information for third party providers.