Is sharing my information with Open Banking Providers safe?

  • Security has been at the core of the development of Open Banking. It uses Bank-level security which means that it uses rigorously tested software and systems. Any data that is shared is protected and encrypted. It’s regulated, meaning that only providers registered with the Financial Conduct Authority (FCA) can provide these services; you have control to decide to stop sharing your data at any time.
  • When you sign up with a Third Party Provider (TPP), we will check that they are registered. We will never share your account information with a TPP that is not registered.
  • If you do decide to use Open Banking we will only ever share the information that you have chosen to share, for example, the balance of your current account, nothing more.
  • Each provider of Open Banking must comply with Data Protection Laws and be approved by and registered with the Financial Conduct Authority (FCA). They will never take any action on your account without your explicit consent or share your account information outside of the agreement that you made with them.

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