How does it work?

Open Banking is a secure way for you to use financial products and services from regulated apps and websites. It’s easiest to explain how it works with examples: watch the video to find out more.

Open Banking apps and websites

Lots of regulated apps and websites are coming to Open Banking, bringing innovative financial products and services. Open Banking does not endorse the products, services or statements listed here. For further information see our website terms and conditions.

Bud is a financial network that links banking and financial services together in one platform.
ClearScore aims to change the way people manage their finances - starting with a free credit score and report.
consents.online giving you control of where and when you share your digital information
CreDec is a cloud platform for all business and accounting partner payments in real time.
Credit Kudos is a new credit bureau that uses your financial behaviour to measure your creditworthiness.
Flux links exactly what customers buy to their bank card to send automated receipts and loyalty to their banking app.
Fractal is an AI-powered financial assistant helping businesses better manage their cash.
The free marketplace for business finance, helping businesses find the right finance for their situation from dozens of UK lenders.
Funding Xchange has developed advanced automated decisioning technology to instantly identify eligible business loans and funding solutions for small businesses.
iwoca offers fast, flexible finance to small businesses. Apply online for £1,000 - £150,000.
Moneybox is a simple way to save and invest. Round up your purchases to the nearest pound and invest the spare change.
OpenWrks builds technology that makes open banking work.
SafetyNet Credit is a revolving credit facility that utilises bank account data, providing customers with a credit limit and a self-service dashboard.
Truelayer build APIs that allow companies to securely access their customers’ bank accounts for financial data, make payments and verify identity.
Change the way you think about money with Yolt, the smart money platform.

Keep passwords to yourself

With Open banking, you’re never asked to share your password or login details with anyone other than your own bank or building society. Safe. Secure. Simple.

You stay in control

It’s always your choice to give a regulated app or website permission to access your data. Changed your mind? Your regulated app or website should make it easy for you to withdraw your consent and let you know how to do so.

You're protected

Apps and websites enrolled on the Open Banking Directory are regulated by the Financial Conduct Authority (FCA) or European equivalent. It means there are strict rules about how they operate and keep your data secure.

“More choice, better products, better prices”

Tech innovators from some of the most exciting companies explain how they think Open Banking will transform the way people manage their money.

Watch the videos

FAQs

Open Banking is quite a new idea – so we know you’ll have lots of questions. Here’s what we get asked most often.

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.

No. To use Open Banking you need online or mobile banking for your personal or business current account.

No. You’ll always need to approve any payment made from your account.

At the moment, only the UK’s nine largest banks and building societies must make your data available through Open Banking. Other smaller banks and building societies can choose to take part in Open Banking.

The banks and building societies who currently offer Open Banking are: Allied Irish Bank, Bank of Scotland, Barclays, Danske, Halifax, HSBC, Lloyds Bank, Nationwide, NatWest, Santander, The Royal Bank of Scotland and Ulster Bank.

Other Banks and Building Societies who will be joining Opening Banking soon include Bank of Ireland, First Direct and M&S Bank.

First, discuss your complaint directly with the company, bank or building society. If you’re still unhappy, you can contact the independent Financial Ombudsman Service:

Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Freephone: 0800 023 4567
Low-cost phone: 0300 123 9123
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk

If you’re worried about the security of your data or the way it’s being used, first of all contact the company to discuss your complaint. You can also report the company to the Information Commissioner’s Office or call them on 0303 123 1113.

Open Banking uses secure technology. Here are a few more steps you can take to stay extra safe online:

  • Check if it’s regulated – see if the app or website is regulated on the FCA website or European equivalent
  • Read the small print – always read the terms and conditions before you agree to give a regulated app or website access to your data
  • Check your bank account – if you see something that doesn’t look right, contact your bank or building society straight away
  • Find out more – the FCA website has tips on how to protect yourself online, as does the Take 5 Campaign.
View all FAQs