Your online banking is the only place where you can control who has permission to see your bank account and for what purpose. Like Direct Debits that you can cancel at any time, within your online banking, you will be able to remove access to your bank account for any service or app that you have previously connected too.
Obviously, if you disconnect a service provider, it’s likely that they are relying on your bank account to deliver their service to you. In order to use their service again, you’ll simply need to reconnect them to your bank account again. Managing permissions from within your bank account does mean that you are always in complete control of who has access to the information in your bank account.
When you sign up for a service or app using Open Banking, you’ll be presented with all the information that the provider needs your permission to see. You’ll need to give your explicit consent for the provider to access this information.
The banks double check this for you too. Before connecting any service to your bank account, your bank will replay all of the information the service provider has asked to see, so they can confirm that you want to share the information.
You can visit your online banking to remove any permissions that you’ve given to service providers.
Alternatively, you could simply cancel your account directly with the service provider. Because of the GDPR legislation, businesses will wipe your data when you cancel your account as they’re not allowed to store customer data without reason and without the customer’s consent.
Way back in 2013 The Competition and Markets Authority (CMA) started a review of the UK retail banking industry and financial...
9 UK based banks were ordered to create Open Banking APIs. These participating banks are referred to as the CMA9.
Open Banking is very secure - as secure as your online banking. The Open Banking API endpoints have been built by the banks...
The information that you choose to share through Open Banking will vary depending on the service that you want to receive.
Your online banking is the only place where you can control who has permission to see your bank account and for what purpose.
To be fully authorised through PSD2 to use the Open Banking APIs businesses have to be registered as either an AISP or PISP.
All your questions answered in our quick fire Open Banking FAQs.