What is open banking?

Open banking is here – an opportunity for people and businesses to use their transaction data to access better financial products and services. Step into an ecosystem of apps and offerings from FinTechs and financial institutions. Created to empower users, but only with your consent.

The #PoweroftheNetwork

Find out more about the FinTech innovators who are using open banking APIs to make things easier for consumers and SMEs during these challenging times.

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FAQs

Open Banking is quite a new idea – so we know you’ll have lots of questions. Here’s what we get asked most often.

No. You’ll only use Open Banking if you give permission to a regulated app or website. It’s always your choice – you need to give your explicit consent.

No. To use Open Banking you need online or mobile banking for your personal or business current account.

No. You’ll always need to approve any payment made from your account.

At the moment, only the UK’s nine largest banks and building societies must make your data available through Open Banking. Other smaller banks and building societies can choose to take part in Open Banking.

The banks and building societies who currently offer Open Banking are:

  • Allied Irish Bank
  • Arbuthnot Latham & Co Limited
  • Bank of Ireland UK
  • Bank of Scotland
  • Barclays
  • BFC Bank
  • C Hoare & Co
  • Clydesdale Bank
  • Contis
  • Coutts & Company
  • Coventry Building Society
  • Creation Financial Services
  • Cynergy Bank
  • Danske
  • Ghana International Bank
  • Halifax
  • Hargreaves Lansdown Savings
  • HSBC
  • ICBC (London)
  • Industrial and Commercial Bank of China
  • Investec
  • Lloyds Bank
  • M&S
  • MBNA
  • Metro Bank
  • Mizuho Bank
  • Nationwide
  • NatWest
  • NewDay
  • Permanent TSB
  • Prepay Technologies
  • Project Imagine
  • Revolut
  • Sainsbury’s Bank
  • Santander
  • SG Kleinwort Hambros Bank
  • Starling Bank
  • Tesco Bank
  • The Co-operative Bank
  • The Governor and Company of the Bank of Ireland
  • The Royal Bank of Scotland
  • The Royal Bank of Scotland International
  • Tide Platform
  • TSB Bank
  • Turkiye Is Bankasi As
  • Ulster Bank
  • Ulster Bank Ireland DAC
  • Union Bank of India
  • Vanquis Bank
  • Virgin Money
  • Wirepayer
  • Yorkshire Building Society

First, discuss your complaint directly with the company, bank or building society. If you’re still unhappy, you can contact the independent Financial Ombudsman Service:

Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Freephone: 0800 023 4567
Low-cost phone: 0300 123 9123
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk

If you’re worried about the security of your data or the way it’s being used, first of all contact the company to discuss your complaint. You can also report the company to the Information Commissioner’s Office or call them on 0303 123 1113.

Open Banking uses secure technology. Here are a few more steps you can take to stay extra safe online:

  • Check if it’s regulated – see if the app or website is listed on our regulated providers page, or check the FCA register or European equivalent
  • Read the small print – always read the terms and conditions before you agree to give a regulated app or website access to your data
  • Check your bank account – if you see something that doesn’t look right, contact your bank or building society straight away
  • Find out more – the FCA website has tips on how to protect yourself online, as does the Take 5 Campaign.
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