Open Banking is a secure and regulated way to give individuals rather than banks control over their data. This ensures customers are provided with the best new products and services... just like felloh!
Open Banking has the power to revolutionise the way we move, manage and make more of our money.
The UK Government. For some time, the Government has been looking at the way in which established large banks and building societies can make it easier for new financial services providers to offer new products and a better choice for customers. Following an investigation into the supply of retail banking services in the United Kingdom, it concluded there was a need to improve competition in retail banking and financial services. A number of changes were proposed which the Government believed could improve competition and choice: one of these was Open Banking.
Open Banking is the practice of sharing financial information electronically, securely, and only under conditions that customers approve of. Application programming interfaces (APIs) allow Third Party Providers (TPPs) to access financial information efficiently, which promotes the development of new apps and services. The aim of open banking is a better experience for consumers.
First we want to be really clear that we don't see ANY of your banking data. We utilise Open Banking to allow you to make a transaction from your bank account, we take the information you have provided us regarding the amount you would like to pay and pass this on to the bank you choose. We then hand you over to your bank to authenticate that payment which means you will go through your normal, secure login process. Your bank will then confirm to us the payment has been processed.
With Open Banking we are creating software and security systems that give you the option to share your account information securely. The Open Banking standard has security at its heart: your data is encrypted and its usage is tracked, and only companies regulated by the Financial Conduct Authority or other competed authorisies can use it.