Who can use Open Banking data?

22 Apr 2022 By PAYCEC

In other words, not everyone has easy access to this type of data.

One must be an accredited data recipient to be able to collect such data with the user's consent.

Anyone that needs online or mobile banking for your payment account.

You need to be really careful when it comes to sharing your data, and don't just share it with anyone. You'll only be protected by your bank (if something goes wrong) if you share your data with an authorized company.

These authorized third parties will be regulated by the Financial Conduct Authority (FCA) or another European regulator, and will appear on the FCA's Register, and/or the Open Banking Directory.

Providers authorized under Open Banking will offer two types of services, and need to have different authorisations for each of the following:

1. Account information services. These let you see all of your account information from different banks in one place and offer features such as budgeting help and product recommendations. This could include budgeting apps and price comparison websites.

2. Payment initiation services. These will let you pay companies directly from your bank account and not through a third party like Visa or Mastercard. This could include retailers and even tech companies like Amazon.

There are several providers out there currently which already make use of your financial data. These include budgeting apps such as Yolt and Money Dashboard, and savings apps such as Chip and Plum (see our App-based banking guide for more).

The big banks are also getting on board, and you'll see in your apps that you can add other accounts held elsewhere so you can see their balances in one view.

Have other questions?

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

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