Open Banking

Open Banking allows customers to access new products and services from secure, regulated third party providers.

The benefits of Open Banking

By working together and taking advantage of APIs, Banks, FinTechs and other online service providers can leverage their complementary strengths to provide an easy-to-use, frictionless experience, with new digital services offered across a greater number of touchpoints.

Key points

Open banking is the system that allows the access and control of consumer banking and financial accounts through third-party applications.

Open banking has the potential to reshape the competitive landscape and consumer experience of the banking industry.

Open banking is a driving force of innovation in the banking industry.

What are Open Banking APIs?

Open Banking APIs expose a range of data to third-party financial service providers including payment initiators, account aggregators, and other emerging fintech companies. These APIs are designed and documented to support PSD2 and Open Banking regulations.

Transforming the future of money

Open Banking is more than just complying with regulations. It’s a thriving ecosystem of third-party partners and developers who are innovating who are developing innovative business opportunities in new markets. By taking advantage of our secure APIs, third party partners and developers can enhance service offerings, improve customer engagement and drive digital innovation across a greater number of touchpoints.

Understand the regulations

Familiarise yourself with the second Payment Services Directive (PSD2)

You’ll find guidance on the scope of the regulations in the FCA Handbook (PERG 15) and chapters 2 and 17 of the FCA’s guidance: Payment Services and Electronic Money – Our Approach

Ready to get started?

You can only provide services using Open Banking if
you’ve got the required regulatory permission.