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Open Banking and Third Party Providers

What is Open Banking?

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.

Comments

Is there a target date for Open Banking to become available from Tesco online banking?

Hi @Dajmeister, thanks for your message. We don't have a target date at the moment, I'm afraid. Sorry I couldn't be of any more assistance.

Hi, I wanted to reach out to you to offer an update. We will be making our API available to Third Party Providers (TPP) from the 14/06/2019. Should you wish to access your Tesco Bank product through the TPP then please contact them to let them know. You can read more about open banking in the below link. I hope this helps.

 

www.openbanking.org.uk

I found this by accident - I assumed Tesco Bank was supporting open banking already, as they are listed on the compatible banks in the HSBC connected money app, and my account has successfully connected (the only bug is requiring a single use access code each time I want to view the Tesco account) 

Hi @BH555, thanks for contacting us. I'm glad you're able to access this. We will be making our API available to Third Party Providers (TPP) from the 14/06/2019 meaning everyone will be able to access this on this date.

 

Also, we are aware that a One Time Access Code (OTAC) is required to access the account currently on each login attempt. We’re working with Third Party Providers to resolve this as soon as possible. Apologies for any inconvenience.