• Open Banking and Third Party Providers

    Who provides these services and what are third party providers (TPPs)?
    There are two types of authorised third party provider (TPP): Account Information Service Providers (AISPs)– Also known as aggregators, these are companies that allow you to see a consolidated view of your different financial accounts (e.g. money management tools). Payment Initiation Service Providers (PISPs) – Companies that can initiate payments from your online payment account on your behalf (e.g. an alternative to using your card to make a payment online). These services may be offered by new apps, or even from larger financial service providers. In January 2018, these services became regulated by the Financial Conduct Authority (FCA) (https://www.fca.org.uk/" target="_blank). You need to be registered for online banking to use TPP services. Authorised TPPs can access your account in one of two ways: Via Open Banking (http://www.tescobank.com/open-banking/" target="_blank), you can use your Tesco Bank Online Banking log in to give TPPs permission to access one or more of your accounts. You
    How do I keep my accounts secure if I choose to use a TPP?
    Third party provider services are designed to help you with your finances, but before choosing to use them, make sure that you understand the service and that you are happy with who will be providing it to you. Remember, if you share your online banking security details with a TPP: TPPs will be able to see and access all the accounts that appear in your online banking; not just the ones for which you give consent to the TPP. We will treat all instructions from the TPP as having been authorised by you, so inform us if you believe your details have been compromised and contact us immediately if you have any concerns. Tesco Bank has no control over how your data is used by a TPP, which is why you must ensure you only ever deal with authorised TPPs. TPPs have access to your accounts to act on your behalf. If
    What is Open Banking?
    You can find out about Open Banking and how you can use your Tesco Bank accounts with Third Party providers here (http://www.tescobank.com/open-banking/" target="_blank)or at the Open Banking website (https://www.openbanking.org.uk/customers/regulated-providers/" target="_blank). Here are the key things you need to know about Open Banking: It can be used to allow authorised third party providers (TPPs) to access accounts that are available online or by mobile through other banks and building societies that are members of Open Banking. Open Banking can be used with your payment account (such as your personal current account, credit card account and some savings accounts). It is a Government initiative to improve competition in the UK by opening up the information that banks hold about their services and customers. The use of Open Banking is always your choice. Authorised third party providers (TPPs) will only have access to your accounts if you have given them your

    © 2020 Tescobank.com All rights reserved