Open Banking has been designed to bring more competition and innovation to financial services. It was set up by the Competition and Markets Authority on behalf of the UK Government.
Every provider that uses Open Banking to offer products and services must be regulated by the FCA or European equivalent. The biggest banks and building societies have already enrolled on the Open Banking Directory, with others to follow soon.
Open Banking is the secure way to give providers access to your financial information. It will allow you to securely share your transaction data with other banks and third parties. In the future, we plan to offer customers the option to use Open Banking to link to their external bank accounts.