Open Banking is a Government initiative which is looking at the need to improve competition in retail banking and financial services. The intention is to make it easier for companies to offer different and innovative services at the same time as ensuring that consumers have both more choice and control over their own money and financial information.
It is a new secure way for consumers, including small businesses to enable the sharing of financial information electronically, securely and only when permission is given. The aim being to offer quicker speed, security and smart solutions. Plus making it easier to share information with companies.
- You decide who has access to your banking data with permissions granted and withdrawn at any time if you wish.
- Sharing data with third parties will result in a smarter service including automated accounting and access to more customised lending or budgeting options.
- When Open Banking goes live it will be more secure as there will be no need to enter online banking credentials on third party websites. You will securely grant permission (every 3 months) to third parties to share data directly from your bank.
The aim being to revolutionise the way we move, manage and make more of our money.
Initially, Open Banking will enable consumers to compare current accounts and other banking services together with providing information about ATMs and branches. Open Banking technology and standards will enable the development of new on-line and mobile applications so enabling small businesses to share their banking information securely with banks, building societies and other regulated companies.
Source: Open Banking
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