You may have heard the term ‘Open Banking’ as part of payment industry changes. Although Tesco Bank is not currently supporting Open Banking, we will become a part of Open Banking later this year.
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. Opening 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. You can revoke the consent to use these services at any time by contacting the TPP directly, or through your bank or building society, to let them know you no longer want the authorised TPP to have access to your information.
More information and details of the banks and building societies participating in Open Banking can be found on the Open Banking website.