Open Banking

Open Banking

A quiet revolution is afoot: it’s called Open Banking. ‘Manage, Move and Make More of Your Money,’ says the Open Banking Implementation Entity (OBIE).

OBIE was set up following a report that traditional banks ‘do not have to compete hard enough for customers’ business.’ So since January 2018, customers with the UK’s largest banks have been able to share data in their current account securely with third parties.

That data is a gold mine of information. It can show how much you spend on anything from gym subscriptions to groceries, mobile phones to electricity. Until now, the data has only been available to the bank and you. With Open Banking, you can authorise the bank to share data with an app, a price comparison site or similar service, to look for better deals, manage your money – even ask for a warning if you’re about to go overdrawn. You don’t have to use Open Banking, and you can withdraw from it at any time.

Concerns have been expressed about criminals posing as regulated Open Banking firms to get access to accounts, and awareness of good data security procedures will be a must for those using the service.

Home | Contact us | Site map | Accessibility | Help | Disclaimer |

© 2020 Poole Resources Ltd. All rights reserved. Poole Resources is a trading name of Poole Resources Limited. Registered in England & Wales No: 06138681. Registered office as below. A list of directors is available upon request.

Poole Resources Ltd, 95 High Street, Street, Somerset BA16 0EZ
We use cookies on this website, you can find more information about cookies here. powered by totalSOLUTION
ACCA logo