Open Banking
Open Banking will make it easier for you to manage your finances, with new data sharing and payment options.
Find out more

What is Open Banking?

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.

Smarter integrations
With Open Banking, you’ll be able to easily access a wider range of products and services via third-party apps and websites.
Safe and secure
Third party providers (TPPs) enrolled on the Open Banking Directory are regulated by the Financial Conduct Authority (FCA) or European equivalent.
You're in control
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.

FAQs

  • Is Open Banking safe?

    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:

    • All third party providers (TPPs) have to be approved by the Financial Conduct Authority (or an FCA-equivalent regulator from another EU country) before they can register to appear on the Open Banking Directory.
    • No TPPs can access your account and transaction information or authorise a payment without your consent.
    • For each request, you’ll need to log in to our secure Open Banking interface in the same way you do for Internet Banking.
    • The API (Application Programming Interface) technology that lets us share your data with TPPs is secure.
    • You can revoke access you have given to TTPs at any time.
  • How will it benefit me?

    Open Banking is still in its infancy and new apps and services are being developed all the time. As a Cumberland customer, you will be able to use third-party apps and websites to:

    • Make payments directly from your current account
    • View your accounts with different banks and building societies in one place
    • Compare different accounts, products and services based on your spending

    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 can I start using Open Banking?

    As a Cumberland customer, you'll be able to start using Open Banking later this year.

  • How is data shared?

    Data is shared with third party providers using secure Application Programming Interfaces (APIs).

    But remember, it's up to you if you want to share your data. Open Banking gives the opportunity to share your information, but only if you give your explicit consent.

  • What changes will I see as a result of Open Banking?

    There are no fundamental changes to our Internet Banking or Mobile Banking services as a result of Open Banking.

  • How will I control who has access to my information?

    If you decide to use Open Banking to connect with a third-party app or website, you'll be redirected to our secure Open Banking interface where you can authorise access to your account and transaction information or authorise a payment .

    Consents will be managed via a new option in Internet Banking and you'll be able to revoke access you have given to third party providers at any time.

  • Am I automatically opted in to Open Banking?

    No. You’ll 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.

  • Can I use Open Banking if I don't use Internet Banking?

    No. To use Open Banking you'll need to be registered for Internet Banking with a personal or business current account.

  • How can I stay safe online?

    Open Banking uses secure technology. Here are a few more steps you can take to stay extra safe online:

    • Check if it’s regulated – see if the app or website is listed on the regulated providers page, or check the FCA register or European equivalent
    • Read the small print – always read the terms and conditions before you agree to give a regulated app or website access to your data
    • Check your account and transactions – if you see something that doesn’t look right, contact us straight away
    • Find out more – the FCA website has tips on how to protect yourself online, as does the Take 5 Campaign.
  • What is a third party provider?

    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.

  • Where can I find out more about Open Banking?

    For more information on Open Banking please visit openbanking.org.uk.