What are the changes to payment accounts?
As a result of European regulation, designed to help drive innovation and competition within financial services, technology has been developed to give you a new way to pay and new ways to view and manage your payment account. These new services are known as:
Payment Initiation Service - Instead of using a debit or credit card or PayPal, you can pay directly from your payment account.
Account Information Service - Different ways to track and plan your finances using information taken directly from your payment account(s).
They will be offered by third parties and we have developed our processes and technologies so we are ready to work with them.
What is open banking?
You’ll see the phrase ‘open banking’ used to describe these new, secure ways to pay and share account information.
There is also the Open Banking organisation, a government backed group set up to create a set of standards and specification for how this technology can be used in the UK.
Who will offer these services?
A number of different organisations could offer these services from online retailers, other banks/building societies or new start up businesses.
How can I tell if my account is a 'payment account'?
All of our MoneyManager accounts (including Coventry First) and our Offset Savings account are payment accounts. If you're not sure if your account with us or another bank or building society is a payment account, check the terms and conditions.
Can I use these new services?
Yes - as long as you have a payment account and you can access it online. With us, online banking is called Online Services.
You can’t use these services if you don’t bank online or if your account is a savings account (for example an ISA).
With Coventry Building Society you will only be able to use them if the third party organisation has chosen to integrate with the technology we have developed.
I want to buy something from an online retailer - why can’t I pay directly from my payment account?
In the same way you can choose to use these services, third party organisations, in this case retailers, can do the same.
We have developed the technology that allows them to work with us, however it is their choice whether or not they choose to use them.
What are ‘Account Information Services’ and how can I use them?
Just like you can now use technology to easily track and plan your food and fitness, you’ll be able to use third party services to track and plan your finances using information taken directly from your payment account(s).
These services can then show you all of your payment accounts with numerous providers all in one place, helping you better manage your finances.
This is a secure way for you to give organisations access to account(s) you’ve given consent for without sharing your security details directly with a third party. However, there are some organisations that use different technology to offer this service and they may ask you to share your security details. If you want to use these, we recommend you review our security advice and that you check the organisation is registered with the FCA. You can do this at www.fca.org.uk/firms/financial-services-register
I’ve signed up for an Account Information Service – can I cancel it later?
Yes. If you sign up for an Account Information Service, you'll be asked how long you want to give the organisation consent for. If you sign up for an ongoing service you'll be asked to re-confirm access from time to time to make sure your account is secure. Remember, you'll always have the option to cancel at any time.
I want to use an account information service - how can I check the credentials of the company?
At Coventry Building Society we will only work with providers who are on the Open Banking Directory and have been certified by the country's relevant financial regulator. In the UK, this is the Financial Conduct Authority (FCA).
You can check an organisation is registered with the FCA at https://register.fca.org.uk
Only UK firms can be registered with the FCA. If you’re using services provided by a company outside the UK, check they’re registered appropriately.