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What is Open Banking?

Open Banking is a mandatory change introduced by The Competition & Market Authority (CMA).

It is a secure way for you to share your information with Third Party Providers, as well as offering alternative payment methods. It will make it easier for companies to offer different and innovative services, while giving you more choice and more control over your money and financial information.

This will be achieved by banks and building societies making certain information accessible to other approved companies in a standardised, straightforward and secure way and only ever with your explicit consent. All companies will be approved by the Financial Conduct Authority.

Do I need to share my information/data/details?

No, the use of Open Banking is entirely down to you. You're in complete control; if you want to use Open Banking, you will be asked to provide explicit consent to a company accessing your data, choosing how long and what they can do with this data. These companies will only be able to access account information once you have provided your consent to them. If you decide not to take part in Open Banking and take no action, nothing will change.

When we receive a request from a third party, we will check our records to ensure we have a valid consent from you before sending data to them.

If you do opt to use the services of a Third Party Provider, it’s very important for you to read the Terms and Conditions of the service to understand exactly what information they’ll be accessing and how they’ll use that data.

Is sharing my information using Open Banking safe?

Yes - Everyone involved in Open Banking must comply with Data Protection Laws and will need to be approved by the Financial Conduct Authority.

Third parties are not permitted to take any action on any account without the explicit consent of the account holder. This is a binding legal requirement placed on authorised third parties. Your information is protected and encrypted to the same level of security as the Bank’s Online Banking.

Is sharing my information using Open Banking secure?

Yes, Open Banking has created software and security systems that give you the option to share your

Account information securely. Your data is encrypted and its usage is tracked; only companies regulated by the Financial Conduct Authority or other competent authorities can use it if you have provided your consent to them.

Who are the Third Party Providers?

A Third Party Provider could be any company who wants to offer you a service, and therefore needs your transaction history to do so. Third Party Providers are approved by the Financial Conduct Authority (FCA) before they can take part in Open Banking.

We don't know which companies will apply to become an authorised third party provider, but these could be other big high street banks, newer smaller banks, or other companies that aren't banks but provide similar services e.g. credit reference agencies, and comparison websites. Major retailers are also on the current list, including Argos, John Lewis and Amazon.

How do I give my consent to third parties in Open Banking?

Once you’ve decided to use a third party, you'll be asked to give explicit consent to share your information with them. You'll give your consent on the third party's website; once given you will be redirected to your Online Banking or Mobile App login page, where you’ll enter your login details directly. Only once authorised by you, and the Bank has checked the third party is authorised by the FCA, will we share your data securely. We'll store your consent and check it every time the third party requests access to your account. You'll be able to check your consents via your Online Banking or Mobile App.

How do I sign up for Open Banking?

To use Open Banking you must be registered with online banking. To sign up for Open Banking you’ll need to give initial consent via a third parties site. You’ll need to provide separate consents for every third party you use. These consents will expire after 90 days so you’ll need to renew these, if you wish consents to continue beyond this time.

I only have a credit card, can I still use Open Banking?