What is Open Banking?
What is Open Banking?
Open Banking is an industry-wide initiative introduced in early 2018 that puts the customer in control of their data. Bank customers are now able to give permission to share their bank account data such as transactions and balances securely with other financial services institutions, for example, with a fintech company. These are collectively known as third-party providers (TPPs) in Open Banking. Customers can stop a third-party provider’s access to their data at any time.
Every third-party provider that requires access to customer bank account data or wants to be able to initiate payments through Open Banking, must be registered on the Open Banking directory and 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 - Why Open Banking is Safe?
Is my data safe?
Cynergy Bank makes use of the Open Banking regulator’s mandated approach to data exchange. This uses financial grade API technology which has additional layers of security. This means only third-party providers who are registered, have the right permissions and digital identity, can access a Customer’s data. For more information, go to Why Open Banking is safe .
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Open Banking Performance and Availability Reports
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