Open Banking is a Government initiative driven by the Competition and Markets Authority (CMA), aimed at bringing greater competition and innovation to retail banking services.
Under the new regulations, you can easily share your financial information with third parties to access a wider range of products and services. For example, if you choose to give a regulated price comparison website access to your account information, you’ll be able to get results based on what you actually spend.
With Open Banking, you can easily access a wider range of products and services via third-party apps and websites.
Third party providers (TPPs) enrolled on the Open Banking Directory are regulated by the Financial Conduct Authority (FCA) or European equivalent.
It's up to you which services you use. Your data won't be shared without your consent and payments won’t be made without your approval.
Yes, Open Banking has been designed with security at its heart. To give you the confidence that your data will be shared securely, here are some of the things you should know:
Open Banking is still in its infancy and new apps and services are being developed all the time. As a Cumberland customer, you can use third-party apps and websites to:
For example, you could use a third-party app or website to get a more detailed understanding of your account and spending habits, to help you find new ways to make the most of your money.
When using Open Banking to connect with a third-party app or website, you'll be redirected to our secure Open Banking interface where you have to authorise access to your account and transaction information or authorise a payment .
Consents can be managed via the menu option in Internet Banking and you can revoke access you have given to third party providers at any time.
No. You can only use Open Banking if you give permission to a regulated app or website. It’s always your choice – you need to give your explicit consent.
No. To use Open Banking you'll need to be registered for Internet Banking with a personal or business current account.
Open Banking uses secure technology. Here are a few more steps you can take to stay extra safe online:
A third party provider (TTP) is a company authorised by the FCA (or an FCA-equivalent regulator from another EU country).
They include banks and building societies, credit reference agencies, comparison websites and other companies offering financial services. More companies will apply to become TTPs as Open Banking continues to evolve.
For more information on Open Banking please visit openbanking.org.uk.