From January 2018, an authorised third party provider will be a company that offers one of the two following services:
Aggregators – companies that allow you to see a consolidated view of your different financial accounts
Payment initiators – companies that can initiate online payments, from your online payment accounts on your behalf
These services work by accessing your online banking using your Tesco Bank security details to act on your behalf. Therefore, if you choose to use one of these services, you will need to share your Tesco Bank security details with this authorised third party, which is why it is important to only ever use companies that you trust.
The authorised third party provider should explain what service they are providing you and how they will use your data and ask you to give explicit consent to this, before they access all of your online account data. Therefore, anytime they access your account, we’ll take this as being instructed by you.
More information on third party providers who are authorised by the Financial Conduct Authority (FCA) will be available on the FCA website after 13 January 2018.
To understand what an authorised third party is, please see 'What is an 'Authorised Third Party Provider'?'.
Here is some key information to bear in mind helping you to always keep your security details safe if you choose to use authorised third party providers:
Once you have shared your online banking details the third party will have access to your Online Banking, so to prevent a company from continuing to access your account (if you have decided to cease using them), you will need to update your security details with us.
If you choose to share your security information with a third party, Tesco Bank will have no control over how this data is used, which is why you must ensure you only ever do so with authorised third party providers.
Once you share your details with another company, remember that they will be able to see all of your accounts that appear on online banking, not just the account you have given consent for.
We will treat all instructions as you having given your consent for a third party to act on your behalf, so you must inform us if you think that your details have been compromised in any way. If you have any concerns please contact us immediately.
For further information on how to keep your accounts secure, visit tescobank.com/security