Open banking FAQs

Open banking is a safe and secure way of sharing account information with third parties. You can also choose to allow them to make payments from your everyday payment accounts on your behalf.

About open banking

What is it and how does it work?

Open banking is a way of securly sharing account information with third parties. You can also choose to allow them to make payments from your everyday payment accounts on your behalf.

Sharing account information with third parties

You may already be familiar with fitness and food tracking apps. Having all your goals and information right in front of you is incredibly convenient, especially when you have a target in mind.

With Account Information Service Providers (AISP), third party providers can help you organise and track your money in a similar way. They can show you all of your payment accounts with numerous providers in one place, helping you manage your finances.

Make payments directly from your everyday payment accounts

When you use your computer or device to buy from an online retailer, you might decide to pay with a debit/credit card or PayPal.

With online banking, you also have the option to pay directly from your bank account to some online retailers, through third party providers that are signed up to offer this service. You may also see this referred to as Payment Initiation Services Providers (PISP). 

Is it secure?

Yes, it’s secure – you’re in control of your personal information. No information will be shared without your consent. Businesses providing ‘open banking’ services also need to meet certain requirements designed to protect customers from financial and data loss.

Heard the term API?

API stands for Application Programming Interface – this technology allows different computer systems to communicate and share data securely. If you currently share information online or from your mobile then you’re probably already using it.

Do I have to sign up?

No, it’s optional – It’s always your choice to use open banking services. You don’t have to use them if you don’t want to. If you start using them, you can change your mind at any time.

Do I need to bank online to use open banking?

Yes, you'll need to be registered for Online Services and have an everyday payment account with us to use open banking services.

Do all online retailers offer open banking services?

Online retailers can choose whether to take part in open banking and which banks and building societies they want to work with. As the service grows, it’s expected that more and more banks, building societies and retailers will sign up. 

How do I check a service is registered with the Financial Conduct Authority?

The FCA and other European Regulators add providers to the registers they keep of all authorised businesses. Those UK companies registered by the FCA are publically available at www.fca.org.uk/firms/financial-services-register.

Using open banking services

If I sign up, can I change my mind?

It’s always your choice to use open banking services. To use any of these services, you have to 'opt in'. You don’t have to use them if you don’t want to. If you start using them, you can change your mind at any time.

Changed your mind about a payment?

If you choose to buy something using a Payment Initiation Service Provider (PISP), you may not be able to stop the payment once it's been confirmed. This is because buying something using a PISP is the same as if you were to walk into a shop and buy something using a card. 

For immediate payments - once you've confirmed a payment, it can no longer be stopped.

If you change your mind after you've confirmed the payment, you'll need to contact the third party.

For future dated payments and regular payments - once confirmed, future dated payments move to pending payments until the due date. You can view and manage your pending payments and regular payments in Online Services.

What's an everyday payment account?

An everyday payment account is designed to be used mainly for your everyday money such as receiving your salary or pension, making purchases and paying bills. 

We don't offer everyday payment accounts with a debit card facility.

Why do I need to confirm my online banking details to complete a request?

We need to make sure that it's you making a request so you'll need to confirm it's you each time in the same way as when you log in to Online Services. Your security details will never be shared with any third party.

Can I share information about all my accounts?

Yes. If you have more than one everyday payment account you can share them all, but you can only set up one account at a time. You'll need to complete the process to share information from your first account, then return to the third party to start again and set up your next account. You'll need to confirm it's you each time.

How long will my account information be shared for?

Your account information will be shared with a third party for 90 days. After that, if you'd like to continue sharing your account information with them, you'll be asked to confirm it's you again.

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Our help section is bursting with useful information. If you'd rather chat, just give us a call.

 

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Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.

 

Call us on

0800 121 8899

Call us