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Online banking

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Open Banking and Third Party Providers

Who provides these services and what are third party providers (TPPs)?

From January 2018 there will be authorised third party providers (TPPs) who offer two types of services:


  • 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 who 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. You may have seen these services available already, but from January onwards these services will be regulated by the Financial Conduct Authority (FCA). 


TPP services work by accessing your online banking using your Tesco Bank security details, so you should always ensure that a company is authorised by the FCA, or another European regulator, to provide these services. You should also do your own research to ensure you are comfortable the company is legitimate.


The TPP should explain what services they are providing you and how they will use your data. You will need to give explicit consent for the TPP to act on your behalf as we’ll take any instruction from them being instructed by you.