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Open Banking

So what's Open Banking?

Open Banking has been designed to offer you greater control of how you manage your money by making it possible to share information with third party providers (TPPs). TPPs can provide a range of services such as viewing all your accounts in one place, budgeting and comparison tools and much more.

There are 3 core themes to Open Banking:

Account Information Sharing allows you to benefit from services provided by TPPs, such as price comparison sites, to check if there might be a better account for you, or to see all your different account balances and transactions in one place.
Making Payments allows you to send money directly from your account using a TPP. This can be an immediate, future-dated or sweeping payment.
Card Based Payment Instrument Issuer (CBPII) allows a TPP to issue you with a card which you link to the payment account of your choice. You can make payments with that card and the TPP will ask us for confirmation that you have money in your account to cover the payment. We’ll only respond with a yes or no answer.

If the TPP wants to access the money in your accounts, they’ll need to make separate arrangements with you for this.

Subject to your consent, there are two ways TPPs may choose to access your account:

Open Banking Access – You'll be securely redirected to our online authentication process, similar to the way you log on to our Online Banking service. If you’re using our Mobile Banking App you'll able to use biometrics (face or touch) to authenticate, where available. When the process is complete we’ll either send the requested information to the TPP or make the payment.
Via Online Banking – They’ll log on using your online security details, which they’ll ask you for each time. They’ll then have access to all the information and services you see online in relation to your accounts. This includes your account balances, transactions and payee information. They must only access information and make payments that you have consented to.

All TPPs that access your information must comply with data protection laws and must be registered or authorised with the Financial Conduct Authority (FCA).

How will this benefit me?

Some examples of how Open Banking services may benefit you include:

If you have accounts at different banks, there are many TPPs which allow you to connect those accounts so you can view all your balances and transactions in a single place.
Product comparison sites could show you accounts that are better suited based on your actual usage.

It’s worth checking with the TPPs to see how you could benefit from their services.

Need more information?

Visit the Open Banking Opens an overlay [Will show a security message first] website for more information.

If you're a first direct customer with questions about Open Banking and how it will affect you, call us on 03 456 100 100 and we'll be happy to help.

If you're not a first direct customer and you'd like to be - find out more about switching to first direct here.

Frequently asked questions

How is Open Banking secure?

Third Party Providers (TPPs) who access your payment accounts must comply with data protection laws and must be registered or authorised with the Financial Conduct Authority (FCA) Opens an overlay [Will show a security message first], the UK's National Competent Authority.

You should only input your log on security details with TPPs that are registered with their respective National Competent Authority, as TPPs across Europe can offer this service.

You can check that a TPP is legitimate or find out more information by contacting them directly or by visiting their website. You can also see if a firm is authorised to provide Open Banking services by checking the FCA register Opens an overlay [Will show a security message first].

What type of payments can I make?

For both UK and international payments, you can:

make an immediate payment
set up a future-dated payment
set up a standing order or recurring payment

You can set up instructions with a third party to automatically move funds (sweep) between your own accounts.

You then use the third party app or website to set:

how often payments are made (daily, weekly or monthly)
payment limits (the maximum amount transferred per month or per sweep)

We’ll ask you to complete security once during set-up. Once agreed, there is nothing further for you to do.

The third party will use these settings to check your account and automatically move funds without the need for you to authenticate each payment or sweep. You can cancel the instructions at any time.

What data is shared with TPPs?

If a company asks you to share information, they have to be clear what they’re going to do with it, and how long they’ll keep it for.

Here are some examples of what data may be shared:

account name, number and sort code, card number (credit card only), account balance and currency
details of your Direct Debits, standing orders, recurring, future-dated payments and details of payee agreements that you may have set up
details of your incoming and outgoing transactions
details of information contained in your statement
the types of products you have, including benefits, offers, rewards, fees, charges and interest
the full names of the account holder(s).

Am I automatically opted in?

No, you won’t be opted in automatically.

To take advantage of these services you’ll need to provide your consent to a regulated TPP.

If you’d like to use TPPs with a first direct account, you’ll need to be registered for Online Banking.

Can I stop sharing my information with TPPs?

Yes, you can choose to stop sharing your data at any time and it will be with immediate effect.

You can go back to the TPPs that you agreed could access your data and ask them to stop accessing your accounts. This will usually be via their app or website.

When access has been set up via Open Banking, you can log on to either our Mobile App or Online Banking, select 'Open Banking' and cancel access from the relevant TPP(s).

We’ll notify the TPP that their access has been cancelled as this will affect the services they provide you.

Any access you've granted to a TPP where you have given your Online Banking security details must be cancelled directly with them.