WHAT IS OPEN BANKING? Open banking is a simple, secure way to help you move, manage and make more of your money. Savings or investments. Budgeting or donating. Affordable loans and cost-effective payments. Open banking powers new ways for consumers and businesses to access a wide range of financial services – all built on secure systems from regulated providers. Many organisations, including HMRC and utilities firms, offer open banking as a way to pay bills, and you can use it to top up some savings accounts, and donate to charity. Open banking was recently featured on BBC’s Morning Live with financial journalist Iona Bain. Watch the clip (right) ©BBC. Why open banking is safe Scroll for more Open banking apps in action Keep on top of your bills – pay bills on the move and avoid incurring late charges. See how simple it can be with an open banking app. Use an app to save for life’s little extras – savings apps can make your money work harder by letting you see all your savings in one place. Budget better and tackle debt with a banking app – seeing all your finances in one place can help you budget, predict your earnings and stay out of debt. Read our case studies Case studies How OneID’s open banking-powered identity verification services help boost productivity for small businesses Read more Case studies Tembo and GoCardless harness open banking to help homebuyers Read more Case studies Simplify switching products and services with Smarter Contracts’ Pulse permissions protocol Read more Case studies Citizens Advice uses PayPoint and AperiData financial support tool to speed up debt assessments Read more Case studies Vodafone partners with Moneyhub to use open banking to assess customers for affordable mobile tariff Read more Questions about open banking The most common questions, answered. Without the technical jargon. Does my bank or building society offer open banking?The number of banks and building societies that offer open banking is growing. At the moment, only the UK’s nine largest banks and building societies are required to make your data available through open banking. Other smaller banks and building societies can choose to take part in open banking. You can see the latest list of regulated providers here. How do I know open banking is safe?Open banking has been designed with security at its heart – here’s how:Bank-level security – open banking uses rigorously tested software and security systems (the Open Banking API security profile is based on Financial Grade API (FAPI) specifications). You’ll never be asked to give access to your bank login details or password to anyone other than your own bank or building society.It’s regulated – only apps and websites provided by firms which are regulated by the FCA or European equivalent can enrol in our Open Banking Directory.You’re in charge – you choose when, and for how long, you give access to your data.Extra protection – your bank or building society will normally refund your money if unauthorised payments are made. You’re also protected by data protection laws, and you can make a complaint to the Financial Ombudsman Service as well. Am I automatically opted in to open banking? No. You’ll only use open banking if you give your explicit consent to a regulated firm that provides an app or website. It’s always your choice. How do I control who has access to my information? You choose which apps and websites you want to use – so you’re always in charge. You decide what information that firm can access, and for how long. No one gets access unless you say so. How do I cancel access to my data?There are two ways to stop giving access to your data:Go to the app or website, and withdraw your consent directly there.Contact your bank or building society to let them know you no longer want the firm that provides the regulated app or website to have access to your information. What is open finance?Open finance is the extension of open banking-like data sharing and third party access to a wider range of financial sectors and products, such as savings, investments, pensions and insurance. Read more here > What is smart data?‘Smart Data’ is the secure sharing of customer data with authorised third-party providers (TPPs), at the customer’s request. These providers then use the data to provide innovative services for personal or business customers, such as automatic switching or better account management. Find more answers
WHAT IS OPEN BANKING? Open banking is a simple, secure way to help you move, manage and make more of your money. Savings or investments. Budgeting or donating. Affordable loans and cost-effective payments. Open banking powers new ways for consumers and businesses to access a wide range of financial services – all built on secure systems from regulated providers. Many organisations, including HMRC and utilities firms, offer open banking as a way to pay bills, and you can use it to top up some savings accounts, and donate to charity. Open banking was recently featured on BBC’s Morning Live with financial journalist Iona Bain. Watch the clip (right) ©BBC. Why open banking is safe Scroll for more
Read our case studies Case studies How OneID’s open banking-powered identity verification services help boost productivity for small businesses Read more Case studies Tembo and GoCardless harness open banking to help homebuyers Read more Case studies Simplify switching products and services with Smarter Contracts’ Pulse permissions protocol Read more Case studies Citizens Advice uses PayPoint and AperiData financial support tool to speed up debt assessments Read more Case studies Vodafone partners with Moneyhub to use open banking to assess customers for affordable mobile tariff Read more
Case studies How OneID’s open banking-powered identity verification services help boost productivity for small businesses Read more
Case studies Simplify switching products and services with Smarter Contracts’ Pulse permissions protocol Read more
Case studies Citizens Advice uses PayPoint and AperiData financial support tool to speed up debt assessments Read more
Case studies Vodafone partners with Moneyhub to use open banking to assess customers for affordable mobile tariff Read more
Questions about open banking The most common questions, answered. Without the technical jargon. Does my bank or building society offer open banking?The number of banks and building societies that offer open banking is growing. At the moment, only the UK’s nine largest banks and building societies are required to make your data available through open banking. Other smaller banks and building societies can choose to take part in open banking. You can see the latest list of regulated providers here. How do I know open banking is safe?Open banking has been designed with security at its heart – here’s how:Bank-level security – open banking uses rigorously tested software and security systems (the Open Banking API security profile is based on Financial Grade API (FAPI) specifications). You’ll never be asked to give access to your bank login details or password to anyone other than your own bank or building society.It’s regulated – only apps and websites provided by firms which are regulated by the FCA or European equivalent can enrol in our Open Banking Directory.You’re in charge – you choose when, and for how long, you give access to your data.Extra protection – your bank or building society will normally refund your money if unauthorised payments are made. You’re also protected by data protection laws, and you can make a complaint to the Financial Ombudsman Service as well. Am I automatically opted in to open banking? No. You’ll only use open banking if you give your explicit consent to a regulated firm that provides an app or website. It’s always your choice. How do I control who has access to my information? You choose which apps and websites you want to use – so you’re always in charge. You decide what information that firm can access, and for how long. No one gets access unless you say so. How do I cancel access to my data?There are two ways to stop giving access to your data:Go to the app or website, and withdraw your consent directly there.Contact your bank or building society to let them know you no longer want the firm that provides the regulated app or website to have access to your information. What is open finance?Open finance is the extension of open banking-like data sharing and third party access to a wider range of financial sectors and products, such as savings, investments, pensions and insurance. Read more here > What is smart data?‘Smart Data’ is the secure sharing of customer data with authorised third-party providers (TPPs), at the customer’s request. These providers then use the data to provide innovative services for personal or business customers, such as automatic switching or better account management. Find more answers
Does my bank or building society offer open banking?The number of banks and building societies that offer open banking is growing. At the moment, only the UK’s nine largest banks and building societies are required to make your data available through open banking. Other smaller banks and building societies can choose to take part in open banking. You can see the latest list of regulated providers here.
How do I know open banking is safe?Open banking has been designed with security at its heart – here’s how:Bank-level security – open banking uses rigorously tested software and security systems (the Open Banking API security profile is based on Financial Grade API (FAPI) specifications). You’ll never be asked to give access to your bank login details or password to anyone other than your own bank or building society.It’s regulated – only apps and websites provided by firms which are regulated by the FCA or European equivalent can enrol in our Open Banking Directory.You’re in charge – you choose when, and for how long, you give access to your data.Extra protection – your bank or building society will normally refund your money if unauthorised payments are made. You’re also protected by data protection laws, and you can make a complaint to the Financial Ombudsman Service as well.
Am I automatically opted in to open banking? No. You’ll only use open banking if you give your explicit consent to a regulated firm that provides an app or website. It’s always your choice.
How do I control who has access to my information? You choose which apps and websites you want to use – so you’re always in charge. You decide what information that firm can access, and for how long. No one gets access unless you say so.
How do I cancel access to my data?There are two ways to stop giving access to your data:Go to the app or website, and withdraw your consent directly there.Contact your bank or building society to let them know you no longer want the firm that provides the regulated app or website to have access to your information.
What is open finance?Open finance is the extension of open banking-like data sharing and third party access to a wider range of financial sectors and products, such as savings, investments, pensions and insurance. Read more here >
What is smart data?‘Smart Data’ is the secure sharing of customer data with authorised third-party providers (TPPs), at the customer’s request. These providers then use the data to provide innovative services for personal or business customers, such as automatic switching or better account management.