How do I set up Open Banking?

21 Apr 2022 By PAYCEC

To set up the Open Banking feature, you need to apply for an online banking service of a specific financial institution or bank.

After registering, you can log into the e-banking platform and start to set up Open Banking as below steps:

  1. Give access to a third-party company you want to share your data:
  2. When you access their website or mobile app, the third-party company might ask you to consent to authorize them.
  3. Confirm using your Open Banking portal. You’ll get redirected to your bank platform website to enter your online banking security details for security purposes.
  4. Be granted access. Your bank then redirects you back to the third-party site and they can start accessing your data.

Please note that the third-party company with which you would like to share your banking information has to be regulated by the FCA in the UK or EU authority with PSD2 or other international compliance licenses with PCI DSS certificate.

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If you need further assistance or answer, please don't hesitate to contact us.

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