You may have heard the term ‘Open Banking’ as part of payment industry changes. Tesco Bank is not currently involved in Open Banking, but we have a plan to be part of Open Banking in the future.
Here are the key things you need to know about Open Banking:
It is a Government initiative to improve competition in the UK by opening up the information that banks hold about their services and customers.
Currently, only current accounts are included and only nine biggest retail banks (and a few others) in the UK are participating on request of the Competition and Markets Authority (CMA).
With a customer’s explicit consent it allows companies access to information about the banks’ current account products and services (e.g. products, interest rates, branches, ATMs etc.) and from January 2018 it will also allow companies to access 12 months of transactional data and initiate payments in the UK only, using Application Programming Interface (APIs) to access this data.