What is Open Banking?

Open Banking is an industry-wide change aimed at bringing more competition and innovation to the banking world. It's come about through new banking regulation being introduced across the UK & Europe. It will offer you new ways of banking and give you more choice by introducing new products and services.

What’s in it for me?

It’ll give you the option of having more control over how you do your banking. If you’re an internet or mobile banking customer, you’ll be able to securely share your current, credit card and some savings account data, and make payments in new ways that’ll make banking easier for you.

So, for example, if you have accounts with different banks you’ll be able to see them all in one place in a mobile app or webpage of your choice. Or, you’ll be able to make online payments in new ways. As time goes by, new services will be developed by TSB and other regulated third-party providers (TPPs) that’ll give you more choice.

How will it work?

You can only use Open Banking if you’re an internet or mobile banking customer. You’ll be able to give the registered TPPs of your choice permission to access your accounts to provide you with Open Banking services. Your data and payment instructions won’t be shared with a TPP unless you’ve given your consent. You’ll also be able to change your mind and stop sharing data at any time.

TPPs will have to register with the Financial Conduct Authority (FCA) giving you extra protection. Find a third-party provider.

Will it be safe?

We realise how important it is to keep your data and payments, safe and secure. So, to give you the confidence that your data will be shared securely, here are some of the things you should know:

  • You're in control - your data won't be shared without your consent and payments won’t be made without your approval.
  • When a TPP asks us for your account data or to make a payment, we’ll make sure that the TPP is registered with the FCA.
  • Data is shared through a secure system that’s been tried and tested, and is standardised across the industry.

How can I start using Open Banking?

As a customer, you’ll be able to start using Open Banking later in the year but only if you’re an internet or mobile banking customer. Once a TPP has integrated with us, you’ll be free to choose which TPP you want to use to access Open Banking services.

Can I use Open Banking for business accounts too?

Yes, you’ll be able to use Open Banking for your business accounts too.

What if I’m not interested?

It’s totally up to you whether you use Open Banking services or not. If it doesn’t appeal to you, you can carry on banking with us exactly as you do now.

What happens next?

We’re still working hard on developing the service and we’ll be ready for you to use Open Banking later in the year.

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