Open Banking

Control Your Finances

What is Open Banking?

Open Banking is a series of reforms to how banks deal with your financial information.

It provides a secure way for you to share your information meaning all UK -regulated banks must let you share your financial data such as spending habits, regular payments and companies you use (essentially your bank, credit and savings statements) with authorised providers of things like budgeting apps or other banks, providing you give your permission for them to do so.

The idea behind these changes is that they will bring more competition and will help open the way to new products and services that could help customers and small to medium-sized businesses get a better deal.

It could also give you a more detailed understanding of your accounts, and help you find new ways to make the most of your money.

Get ready for a world of apps and websites, where you can choose new financial products and services from providers regulated by the Financial Conduct Authority (FCA) and European equivalents.

It is online and mobile banking friendly

If you use online or mobile banking for your current account, you can start using Open Banking right now.

There are plenty of apps and websites for you to take advantage of from regulated providers that are already using Open Banking to create new services for you.

A clearer view of your finances

Check out all your finances in one place!

Thanks to Open Banking you could become a better budgeter, find the best deals, and shop for the products and services that are best for you.

The power is at your fingertips. Simply choose to give a regulated app or website secure access to your current account information and Open Banking will do the rest.

Quick, easy, and direct payments

This is where we can come in.

With Open Banking, you have the ability to make payments directly from your bank or building society.

Shop around

Open Banking will transform the way you use price comparison websites. By allowing access to your accounts, a regulated price comparison website will be able to get results based on what you actually spend helping you become savvier with your money.

How Does Open Banking Work?

So, you find yourself using Open Banking.

You will initiate a payment to a merchant or corporate organisation via their mobile banking app or online banking web portal.

It will work in the same way that you would pay with a bank transfer. Funds will then be transferred to the merchant immediately using the real-time banking rails.

So... Where Can Open Banking Be Used?

Financial Services

  • Receive funds in real-time, so you can credit funds immediately to your customer’s account, thereby delivering a better customer experience 

  • Reduce any reconciliation costs versus payments by bank transfer

  • Benefit from cheaper pay-in costs than debit cards


  • Improve conversion rates by enabling customers to pay seamlessly via mobile

  • Receive funds in real-time, initiate a policy with confidence and reduce your risk due to chargebacks

  • Reduce any reconciliation costs versus payments by bank transfer

  • Benefit from cheaper pay-in costs than cards


  • Give your customers a seamless checkout journey

  • Payments are made in real-time, providing you with immediate access to funds

  • If a refund is required. This can be credited back to customers in real-time, improving the customer experience

  • There are no PCI DSS requirements to worry about. This reduces your security risks

  • You are able to benefit from lower costs compared to card and wallet payments


  • Checkout without data entry,  reduce checkout abandonment (mobile checkout)

  • Real-time payments, providing immediate access to funds and improving cash flow

  • Funds confirmed in your account, reduce any risk from chargebacks and ticket with confidence

  • Enable direct debit for future instalment payments, reduce the cost of processing

  • No PCI DSS requirements to worry about, reducing security risks


  • Charities can accept non-cash payments without the addition of expensive hardware

  • Allow customers to donate using their mobile device, without needing to enter any card or account data

  • Provide a cheaper mechanism to accept donations (prices vary depending on transaction value)

  • Donors are able to set up subsequent Direct Debits without the need to enter any additional account details after the initial donation


  • Independent Businesses

  • Event Management

  • Day-to-Day Purchases

  • Use with Rental agencies

  • Restaurants - Food & Drink

  • Telecommunications

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