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.
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.