Through open banking, banks and trusted third parties establish secure data exchanges for the benefit of their customers. As a result, you can opt-in to a sphere of secure applications that will give you more control and clarity over what you want to share with others.

Some of the very important things to note are:

✅ Open Banking enables services personalised to your finances

✅ Trusted by over 6 million UK users

✅ Every open banking provider is 100% regulated

The main pillar of Open Banking is security.

Using rigorously tested software and security systems, open banking offers bank-level security. Nobody but your bank or building society will ever have access to your bank login and password.

Apps and websites can join the Open Banking Directory only if they are regulated by the FCA (Financial Conduct Authority) or their equivalent in Europe.

Your data is yours to control - you decide when and for how long to share it.

Added protection: In the event of fraudulent payments, your bank or building society will refund you your money. Furthermore, Financial Ombudsman Service and data protection laws protect you

No. Open banking can only be used if you give your explicit consent to a regulated app or website. It’s always your choice.

You decide which regulated apps and websites to use - you're always in control. What information they can access and for how long is up to you. Access is only granted if you give it.