What is Open Banking?

Open Banking is a new technology that gives you innovative ways to manage and move your money. You can share your financial data with apps and websites to improve your banking experience. Only companies that have passed industry security checks can take part. So, it's safe, secure and convenient.

How does Open Banking work?

All UK banks must let you share your current account, credit card and savings data with “regulated providers”. But only with your permission.

For example, some regulated providers allow you to see all your accounts from different banks in one place. Some providers help you to budget better. Others allow you to make online payments in new ways.

We’re still in the early days of Open Banking. As time goes by, we and other regulated providers will develop new products and services that’ll make your day-to-day life easier and improve your financial wellbeing.

 

 

What are the benefits of Open Banking?

It’s safe and secure.

Open Banking is backed by the FCA (banking regulator) and all UK banks. You control who you share your financial data with. And only companies approved by the FCA can take part.

See your accounts from different banks in one place.

You can see all your accounts from any UK bank in one place. This makes it easier than ever to manage your money.

Innovation is just around the corner.

New developments will make everyday banking easier. Things such as managing accounts, budgeting, spending money or running a business.

 

How to start using Open Banking.

  1. Register for TSB Internet Banking.

    You must be an Internet Banking or Mobile Banking customer before using Open Banking. Once you’ve registered for Internet Banking, you can download our app or simply log in online.

  2. Find a regulated Open Banking provider.

    Check the Open Banking Directory for a list of current providers. You’ll be asked by the provider to activate Open Banking and to share your banking data with them.

  3. We’ll verify you for safety and security.

    You’ll be directed to our Open Banking portal where we will verify you using your Internet Bank login details.

 

You’re set up. Easy as 1, 2, 3.

If you ever change your mind, you can manage who you share your data with. To do this, log into the Internet Bank, look for “Your account tools” and then click “Manage your account data sharing”.

Commonly asked questions

Open Banking was introduced by the Competition and Markets Authority (CMA) to bring more competition and innovation to the banking industry. Over time, authorised providers such as banks, fintech start-ups and online companies will introduce new apps and services to help you manage your money.

Open Banking is safe and secure. Only providers authorised and regulated by the FCA can offer Open Banking services. You can find a list of regulated providers here.

You can find a regulated Open Banking provider at the Open Banking Directory.

1. Log into the Internet Bank as you normally would.

2. Look for “Your account tools” on the right-hand side. Then click “Manage your account data sharing”.

3. You can now view the companies you’re currently sharing your data with. Simply click “Stop sharing”.