Open Banking

4 things you need to know

Have you heard about Open Banking? It’s designed to give you more control of your financial information and help you benefit from a wider range of products and services. It could also give you a more detailed understanding of your accounts, and help you find new ways to make the most of your money. Here’s what you need to know.

1. Open Banking is a new industry-wide initiative

Open Banking launched in early 2018 to increase competition and innovation in the banking industry. It’s part of an industry-wide initiative that we’ve been working on with the Competition and Markets Authority and other banks.

You can give permission for your bank to share your account data securely with other companies, known as third-party providers (TPPs). These might be other registered banks, building societies or price comparison websites.

We launched our Open Banking solution in 2018, allowing you to not only share data with other providers but importantly, to view your accounts from other providers conveniently and securely through your Barclays app.

2. You’re in control of your data

Open Banking doesn’t mean that any company can access your transaction data. You’re in control, and you’ll need to give explicit permission each time your financial information is shared. If you decide to share your Barclays account data, we’ll always tell you exactly what data you’re sharing, and you can review your permissions at any time. We'll also ask you to check these permissions every three months.

Remember, it’s always your choice.

You’re in control, you choose which services you use, and which providers you let access your information.

If you don’t want to share your Barclays data, you can just turn the Open Banking function off, which will stop the use of Open Banking on your account. You’ll stay in control, and you’ll have the option to change your mind and turn Open Banking back on whenever you want.

3. We’ll keep your information secure

We’re committed to keeping your financial information secure and helping you stay protected from fraud, even when you’re sharing your data through Open Banking.

We’ve been working with other registered TPPs to develop Application Programming Interfaces (APIs) – technology that supports Open Banking operating securely. APIs are commonly used by mobile apps and online tools to provide integrated services, allowing software developed by different companies to talk to each other.

Once your permission has been received, APIs allow us to share your data in a way that makes sure it stays protected, without having to give anyone your log-in details.

An alternative method for Open Banking you might see from other providers will be to request you share your bank account log-in details directly. If you give them your log-in details, the company will then log in to your bank account as if they were you to use or share your data according to your agreement.

This may mean that the company can access a wider range of information than just your transaction history or account details, so the only way to be certain you have cancelled the permission you’ve given them is to change your password or security details with your bank. This option means you’ll be less able to control exactly what information is shared.

4. Bringing you the benefits of Open Banking

We have a long history of helping people manage their money safely, using new technology to deliver convenient, personalised and great experiences that make banking better. We combine this with providing education and information to support you with fraud prevention.

We’ve been working to make sure you get the most out of this new service while continuing to benefit from the Barclays app, including making payments, moving money between accounts, and viewing your balances and transactions – all safely and securely.

This year will see new payment types being introduced to Open Banking, the ability to make payments from savings and currency accounts via TPPs, and the ability to share more account information, if you wish to do so, for access to more personalised deals.

For more information on Open Banking visit https://www.openbanking.org.uk/

For hints and tips on staying safe online visit barclays.co.uk/security.