Who can use Open Banking?

22 Apr 2022 By PAYCEC

Anyone has a payment account that requires online or mobile banking.

When it comes to sharing your data, you must be extremely cautious and not share it with just anyone. If something goes wrong, your bank will only safeguard you if you share your data with an authorized provider.

The Financial Conduct Authority (FCA) or another European regulator will regulate these licensed third parties, and their names will appear on the FCA's Register and/or the Open Banking Directory.

Open Banking-authorized providers will be able to offer two types of services, each of which will require a separate authorization:

1. Services for account information. These allow you to view all of your accounts from several banks in one spot and include services such as budgeting assistance and product recommendations. Budgeting apps and pricing comparison websites are examples of this.

2. Initiation of payment services. These will allow you to pay businesses directly from your bank account, rather than through a third party such as Visa or Mastercard. This may cover shops as well as tech giants such as Amazon.

There are currently a number of companies that make advantage of your financial information. Budgeting applications like Yolt and Money Dashboard, as well as savings apps like Chip and Plum, are among them (see our App-based banking guide for more). The large banks are also on board, and you'll see that you can add additional accounts from other banks to your applications so you can check their balances in one place.

Have other questions?

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

Have other questions?

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