What is open banking?
Open banking allows you to share your financial information – like your balances or transactions – with regulated companies of your choosing, so that they can provide services that are helpful to you.
For example, ever had to print or download bank statements for a loan or mortgage application? Open banking could remove the need to do this, because your bank may be able to connect directly to the lender to share this information.
Paying by open banking may also be faster than making a regular online payment because there's no need to type in your card details or log into your bank account.
Who provides open banking?
Only regulated companies (also known as 'Third Party Providers' or 'TPPs') can provide open banking services. You can find a list of regulated companies on the open banking website here
There are 3 types of open banking providers:
- Account information service providers (AISPs) – these companies have 'read-only' access, which means they can see financial information but can't take a payment
- Payment initiation service providers (PISPs) – these companies can take a payment on your behalf
- Card-Based Payment Instrument Issuers (CBPIIs) – these companies can make card payments that connect to different bank accounts
Is open banking safe?
In the UK, open banking:
- is regulated by the Financial Conduct Authority (FCA) – this means only companies authorised by the FCA can provide open banking services
- uses bank-level security, including rigorously tested software and security systems
- gives you full control over which companies see what information and for how long
Am I automatically opted in to open banking?
No – a company can only connect to your account via open banking if you explicitly give them consent to do so.
You control:
- the information you share
- which regulated companies you share it with
- how long a company has access to your information
How to view or remove open banking access
To see which companies have open banking access, open the Chase app then:
- Go to 'Profile'
- Tap 'Settings', then 'Privacy and permissions'
- Scroll to 'Other permissions' and tap 'Open banking' to find a list of all the companies you've given open banking access to
To remove access, just follow the previous steps, tap on the company, then 'Remove access'.
Or contact the company and remove access directly with them.
Questions or concerns about open banking
If you think a regulated company is using your financial information incorrectly, please contact support.