Find out how Open Banking works, how your data is shared, how you can control your consents and much more in our frequently asked questions below.
Open Banking offers consumers more control of their finances and access to a wider choice of products and services by giving them the ability to share their financial information with authorised providers.
Open Banking is an optional service. If you don’t want to use it, then you can continue using our services as you do today. There is no need to opt out. If you choose to use Open Banking, it will only work when you have given explicit consent to a Third Party Provider.
Third Party Providers are authorised by the Financial Conduct Authority (FCA) to provide Open Banking related activities. This could include accessing your Credit Card account information or making payments on your behalf. They can only do this if you’ve given them your explicit consent. An online retailer or a price comparison website can be examples of a Third Party Provider.
When shopping online, a Third Party Provider may sometimes ask you to give consent to share your account data with them, using an app or a website. This is a simple process that will access Creation Online Account Management to verify your identity, so you'll need to be registered for your Online Account Manager to be able to complete it. If you haven't registered for your Online Account Manager, you can do it here.
Once you have decided to proceed, for security purposes you will be redirected to our secure service where you will need to enter your Online Account Manager username, password and a One-Time Passcode sent to your mobile device and confirm your consent. At this point we will run our own security checks to verify that the Third Party Provider requesting information is registered with the Open Banking directory. If the Third Party Provider has passed our security checks, we will share your account information with them. If the Third Party Provider is not registered, their information access request will be declined.
The Third Party Provider will not see any of your login details at any time.
Once we’ve successfully completed our security checks, we’ll only share your information with the Third Party Provider you have given consent to. We will not share information with any entity that is not registered on the Open Banking Directory.
The data we have shared in the period whilst your consent was valid may be stored by the Third Party Provider – you should contact them to understand how they will treat it.
It's up to you how long you want to share your data. You can consent to allow a Third Party Provider to request your account information once - or you can leave your consent open for up to 90 days. The Third Party Provider will access your data in real-time, and the duration of your consent determines how long they can do it for. Once the consent period has ended, the Third Party Provider will need to ask for your consent again.
We have put in measures to ensure that our Open Banking service and the sharing of your information is secure:
You can stop sharing your data with Third Party Providers in your Online Account Manager. Once you’ve logged in, click on My Profile and scroll down to the Open Banking section under Account Settings. You can also stop sharing your data with most Third Party Providers by logging into their service and removing your authorisation.
Please note that after 90 days of sharing your data with a Third Party Provider all sharing will be stopped, and you might be requested to give consent to the Third Party Provider again using the same process as described above.
You can view your consents on your Online Account Manager profile by clicking on the "Open Banking" section. It will show you the Third Party Providers who currently have access to your information and also allows you to remove consents for any Third Party Providers if you wish.
You need to be registered for your Creation Online Account Manager. Please visit our Frequently asked questions. Please remember that Open Banking will only work if a Third Party Provider asks for your consent first.
No - Open Banking is free, however some Third Party Provider may charge you for additional services or products.
You can visit the Open Banking website.
Securely share your bank account information to progress your credit application using Open Banking, for the consents.online FAQs please click here.
