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 explicit consent.