What is Open Banking?
Open Banking is an industry-wide initiative introduced in early 2018 that puts the customer in control of their data. Customers will now be able to give permission to their banks to share account transaction data securely with other companies, known as third-party providers (TPPs).
Customers will remain in control of their data, as third party providers will need to obtain their consent to access it. Every third party that provides a service that requires access to customer data or allows payments to be made from customer accounts must be regulated by the FCA in the UK, or the equivalent authority in other European countries.
To find out more about Open Banking, please visit Open Banking.
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For more information on the revised Payment Services Directive (PSD2), security in your payments and your benefits and rights as a consumer, you can view the European Commission Fact Sheet here.
Application Programming Interfaces
Cynergy Bank will make Open Banking possible by the use of Open Application Programme Interfaces (APIs). This will enable Third Party Providers (TPPs) regulated by the FCA, or a European equivalent, to offer new financial applications and services. APIs are the UK Open Banking regulator’s preferred approach to data exchanges between banks and TPPs, and are the safest and most secure method of exchanging data, ensuring that customers’ financial information remains safe.
Once a customer has authorised for their bank to share their account information, the technical security measures on the APIs ensure the information transfer process is fully protected and that only data our customers want to share is shared with TPPs.
If you are a Third Party Provider (TPP) and would like to access our API portal please click here.