What is Open Banking?

What is Open Banking?

Open Banking is a UK Government initiative to remove the barriers that stop your accounts from working better together when they’re held with different building societies, banks and other providers. By safely sharing your account information, Open Banking makes it possible for financial technology providers, banks, online retailers and other companies to create innovative new apps, services and products that can help save you time and money.

Open Banking could ‘unlock’ the banking industry – make it more competitive, provide more choice for consumers and boost innovation.

The Open Banking initiative is being led by the UK's Competition and Markets Authority (CMA) in collaboration with us, consumer groups, banks, building societies, online retailers and financial technology providers.

How it Works

Open Banking lets you share data about your current account and credit card with third parties that are listed as an approved Open Banking provider on the Open Banking Directory. You can also authorise these third parties to request payments on your behalf.

Open Banking could have the potential to:

• make it easier to apply for new financial products, like mortgages
• let you move money between your accounts to take advantage of the best rates available. Even if they’re with different providers.

What Data Can You Share?

Current account data

You can share:

• if you pay a monthly fee on your account
• details of Direct Debits and standing orders
• your account balance and transactions
• the interest you earn or pay, and any charges.

Credit card data

You can share:

• if you have an interest-free offer
• your account balance and transactions
• your credit card limit
• the interest and charges you pay