Articles on: Open Banking 🇬🇧

What is Open Banking? 🇬🇧

Open Banking is the new way you can give third-party providers (like Emma 🐻) access to your financial information safely and securely. It was introduced by Government to put the power of your financial information back in your hands! 💪

You may even be using it already to pay utilities and tax bills, to help manage your money, or to find financial products or services that suit you better.

With Open Banking, you’re never asked to share security details. You’ll be asked to authenticate your details using a combination of a password or PIN, fingerprint or facial recognition, and a mobile phone message or card-reader.

Open banking has been designed with security at its heart – here’s how:

Bank-level security – Open Banking uses rigorously tested software and security systems. You’ll never be asked to give access to your bank login details or password to anyone other than your own bank or building society.
It’s regulated – only apps and websites provided by firms which are regulated by the FCA can enrol in the Open Banking Directory.
You’re in charge – you choose when, and for how long, you give access to your data.
Extra protection – your bank or building society will normally refund your money if unauthorised payments are made. You’re also protected by data protection laws, and you can make a complaint to the Financial Ombudsman Service as well.

You can get a more in-depth understanding of Open Banking using the links below:

Emma guide
Open Banking UK

You can also read about how safe Emma is by clicking here.

Updated on: 21/04/2023

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