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What could Open Banking do for your business?

Examples of how your business could use Open Banking:

Price Comparison Website

You consent to the Price Comparison Website accessing your business account transaction history. The website analyses your spending patterns and suggests a better business current account, business credit card or overdraft.

Accounting software

You consent to the software accessing your business account transaction history. The software analyses your data and automates your company accounts.

Business loan application

You consent to the lender accessing your business account transaction history. They work out your business turnover, cash flow and expenditure and offer you a loan.

Invoice payment website

You consent to the website accessing your account balance and requesting payments to be made for you. They automatically work out the best time to pay invoices and request that payments are made for you.

 

Here are some frequently asked questions:

No. You will have to consent to a regulated third party provider accessing your account information.

If you don’t consent to a regulated third party provider app or website accessing your account information, your data will not be shared with them and you will not be using Open Banking.

A regulated third party provider will only be able to access your current account information if you consent to this.

You can decide which apps, websites or regulated third party providers you want to use or share your account information with.

A regulated third party provider must tell you what information they want to access through Open Banking. You can then consent to them accessing this data, which can include one or more of these types of information:

  • account details: account name, details and balance
  • transactions: payments in and out of your account
  • account features: account type, fees, charges, interest rates

You will be asked to consent before a regulated third party provider can access your information or make a payment. Always read the terms and conditions thoroughly.

If you change your mind you can withdraw your consent to a regulated third party provider accessing your data at any time. You can do this by:

  • Removing your consent on the regulated third party provider’s app or website
  • Contacting your bank to let them know you no longer want a regulated third party provider to have access to your information

This will prevent the regulated third party provider from further accessing your data.

All third party providers will need to be regulated by the FCA or national competent authority in an EU country.

You can check if a UK third party provider is regulated on the FCA’s register.

No, you will have to consent to a payment being made from your account.

Open Banking can currently be used for:

  • Personal current accounts
  • Business current accounts

In the future Open Banking will also include credit cards, e-wallets and prepaid cards.

No. You can only use Open Banking if you have activated online or mobile banking for your current account.

No, Open Banking is free for customers.

A regulated third party provider may charge you to use services provided through their app or website.

Open Banking is designed to give customers even greater protections than they receive today. Only regulated third parties can use Open Banking.

Open Banking is built with rigorously tested software and security systems that enable you to share your information safely and securely. This can only happen with your explicit consent for how long and for what purpose the data will be used. In the event of fraudulent payments, banks are required to reimburse you fully. You are also protected by data protection laws and the Financial Ombudsman Service. With Open Banking, you will never be asked to share your bank login details or password with a third party provider.

Open Banking uses secure technology but there are some simple steps you can take to stay safe online:

You can find useful guides about Open Banking from the Money Advice Service, Money Saving Expert, the Financial Conduct Authority and Which?

For help and advice on whether Open Banking is for you, you can call the Money Advice Service on 0800 138 7777.

If you have an issue with a product you bought – maybe it hasn’t arrived or you received the wrong item – please contact the retailer.

If a payment was paid into or taken from your current account that you (or another account holder) did not authorise, please contact your bank or building society.

If money is taken from your account fraudulently you are protected and your bank will reimburse you.

Please contact the company you believe may have shared your data. This may be your bank or another regulated third party provider.

If you’re concerned that you may have been a victim of identity theft please report this to your bank and Action Fraud, the UK’s national fraud and internet crime reporting centre. You can visit their website, or call them on 0300 123 2040.

Please contact the product provider to find out how to cancel or exit the arrangement. This could be your bank, a regulated third party provider, a comparison website or an adviser.

You should first contact the regulated third party provider or your bank or building society to discuss your complaint.

If you are unhappy with the response received from your bank, building society  or a provider, 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 are concerned about the security or usage of your data you should first contact the regulated third party provider to discuss your complaint. You can also report a regulated third party provider to the Information Commissioners Office (ICO). Their website is https://ico.org.uk/ or you can call them on 0303 123 1113.