Open Banking

What is Open Banking and how does it affect you?

Open Banking in the UK allows you to share certain account information securely with authorised third-party providers, with your consent. It was introduced following regulatory and competition reforms designed to give customers more choice, control and flexibility when using banking services.

This can allow authorised providers to offer services such as account information tools and payment services that work with your existing bank account.

About PSD2

Open Banking uses secure technology and works only with your consent

Open Banking uses secure technology to allow authorised third-party providers to access your account information or request payments only where you have given your consent.

You remain in control of what is shared, for how long, and with which provider. You do not need to share your online banking password or PIN with the third-party provider in order to use Open Banking services.

Open Banking is very secure, essentially as secure as your online banking

The Open Banking API endpoints have been built by the banks themselves and have been put through extensive testing by both the banks and a number of authorised and regulated third parties.

Not only does Open Banking exist within the banks established and highly secure technology platforms, the APIs themselves provide a highly secure way to transfer data. You, as the customer and owner of your data, are the only person who can authorise any connection between your bank and a regulated third party. It means you never have to share your bank login details with anyone, just use them to log in to your online banking as normal. From within your online banking, you can easily control what data you share, with who, for how long and for what reason.

Top tips to steer clear of fraudulent businesses

Before using an Open Banking service, you should:

  • Check that the provider is authorised or registered
  • Make sure you are redirected to your bank’s genuine website or app before entering your online banking details
  • Take time to check that the website or app you are using is secure and genuine.

Keeping Open Banking Secure

You can check whether an authorised provider is listed in the Open Banking regulated providers directory and on the FCA Register.

Open Banking regulated providers directory: https://www.openbanking.org.uk/regulated-providers/
FCA Financial Services Register: https://www.fca.org.uk/firms/financial-services-register

We will only allow access where the relevant provider meets the required regulatory and technical checks.

Never share your details.

There’s no need to share your account login details, PIN or passwords with the authorised company you have chosen. As long as you keep your details secure, Open Banking is safe to use.

Always read the detail before agreeing to a service or product:

  • read the terms and conditions;
  • make sure you’re happy with the access you are giving;
  • check how your information will be used and who it may be shared with.

Depending on the service you choose, you may be asked to share information such as your current account details, balance and transaction history.

You can choose how long to share your data with an authorised third-party provider. You can stop sharing at any time by logging in to FirstBank Internet Banking, or by contacting us or the provider directly.

You can review or stop Open Banking access through FirstBank Internet Banking.

If you want to review or withdraw access, log in to FirstBank Internet Banking and check the providers you have authorised. You can also withdraw access using the third-party provider’s own cancellation process, where available.

If an authorised provider offers you the option to pay by Open Banking, you can choose to allow that provider to request a payment from your account.

Only authorised providers that have your consent can request a one-off payment from your current account.

Your Security is Our Priority

To use Open Banking with FirstBank UK, you must be registered for online banking.

When you choose to connect an authorised provider, you will be redirected to FirstBank Internet Banking so you can securely confirm access. We will only allow access to the information you have agreed to share, and only where the provider satisfies the required checks.

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