Open Banking isn’t the new kid on the block anymore, as it was actually introduced almost 5 years ago! It’s strictly regulated and totally safe!
It’s secure, it’s fast and perhaps most importantly for businesses, it’s effortless. Already, more than 6 million businesses and consumers in the UK already use it, so the trial period is well and truly over!
Apps and services are regulated by the Financial Conduct Authority, which oversees UK financial services firms and markets. Regulations dictate that third parties must stringently protect your data once you provide access.
Open Banking was created with security at its heart.
Bank-level security – Open Banking uses rigorously tested software and security systems, so you can rest assured that your data is completely secure. In case you didn’t already know, you’ll never be asked to provide access to your bank login details, PINs or passwords to anyone other than your own bank or building society. If this ever happens, that’s a red flag, so stop immediately.
It’s regulated – Only apps and websites that are regulated by the FCA or a European National Competent Authority can enrol in the Open Banking Directory.
You have the power – You choose when, with whom, and for how long you provide access to your data, so no one can access it without your say so.
Extra protection – Your bank or building society should pay your money back if a payment is made which is unauthorised.
Also, you’re protected by strict data protection laws and the Financial Ombudsman Service.