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.
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.