What is Open Banking?
In 2016, The Competition and Markets Authority (CMA) report on the UK’s retail banking market concluded that the older and larger banks dominated the banking industry and did not have to work hard enough for customers’ business.
As a result of this dominance, smaller and newer banks found it very difficult to attract customers.
The CMA introduced remedies to ensure that customers benefited from technological advances and that new entrants and smaller providers were able to compete more fairly and increase the opportunities for new business models to develop.
One such remedy was Open Banking which was introduced in January 2018.
Open Banking enables you as a customer to be in control of your financial data which may be held with different banks.
You can now share your financial data (including spending habits and regular payments) securely with other companies, known as Third-Party Providers (TPPs).
This is done by the use of open Application Programme Interfaces (APIs) or Modified Customer Interface (MCI).
Our bank supports both the options.
TPPs offer innovative online budgeting apps, services and products that can assist you to save money: as long as you give your consent to your bank for them to access your financial data.
Every TPP that provides a service that requires access to your financial data must be regulated by the FCA in the UK or by an equivalent regulator with another European country.
Open Banking is designed to increase competition and innovation within the industry, which, in turn, is hoped will lead to more and better products to help you to manage your money.
For further information, please click here: https://www.openbanking.org.uk
Open Banking FAQs
Open Banking for Third Party Providers
Please Note: The links provided below are specific for UK integration (by UK/EU regulated TPPS only).
For details of availability for integration to other AUB Group members, please select the relevant local site option which is located at the top right hand side of each web page.