What is Open Banking

Open Banking is the new, secure way for financial services organisations to share information using new technologies and some common standards. It’s our industry’s response to the UK Government’s request for fairer, more transparent banking and financial services.

We’re working on Open Banking with some of the biggest names in financial services. These include Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, RBS Group and Santander.

From March 2017, we’ll start making information about our cash machines, branches and current account ranges available to these organisations – and they’ll do the same with us. Then in January 2018, we’ll begin extending and expanding the possibilities for Open Banking.

Open Banking and you

Open Banking will eventually bring you more market choice, greater control over your money and better access to new financial services providers.

To begin with, Open Banking will make it easier for you to compare current accounts from different providers. Over time, you’ll then see improvements in the way you make payments, as well as how you access account information from all the organisations you bank with.

How does Open Banking work?

Open Banking relies on technologies similar to those that allow you to share things online or from your mobile. These APIs – Application Programming Interfaces – let different sites, systems and apps talk to each other and share information safely and securely.

We’ll use APIs to share information with other banking and financial services organisations. It’s these technologies that’ll make Open Banking possible.

Your privacy will always come first

We value your right to privacy. So we’ll never allow any of your account information to be shared unless you agree to it. Whatever details you do agree to share will always be transferred securely.

We’ll be in touch with you as we get closer to January 2018 with more information about sharing your account information – and importantly, what our industry is doing to keep it protected.

What do you need to do?

For now, nothing. We’ll let you know what Open Banking means for you later this year. You’ll then have the option to allow your account information to be shared with other organisations you bank with. Or not – the choice will be yours.