News / What is Open Banking?

Open Banking puts you in control of your data: an easier way to move, manage, and make more of your money.

You may have heard that new EU standards are scheduled to take effect from 14 September 2019, giving you more control of your banking data and how it’s used.

Most UK bank feeds will be replaced by new direct bank feeds using Open Banking. These new feeds will be made available in stages and the good news is some can be updated now.

Click here for more detailed information.

Open Banking is designed to bring more competition and innovation to financial services. It was set up by the Competition and Markets Authority on behalf of the UK Government.

Every provider that uses Open Banking to offer products and services must be regulated by the FCA or European equivalent. At the moment, the nine biggest banks and building societies are enrolled on the Open Banking Directory, and others are coming soon.

If you want to know more or have any questions please visit: https://www.openbanking.org.uk

What is Open Banking?