Open Banking is a secure method for sharing financial data with regulated providers. It is only offered by your bank to regulated companies like our partner Credit Kudos who can be trusted with the security and privacy of your data.
With Open Banking you consent to securely share your banking data as you would with a bank statement, but in an easier, safer and faster way. Using Open Banking does not impact your credit file and you can terminate Open Banking access at any time (although this would also stop you from accessing on-demand pay).
Open Banking is designed to bring more competition and innovation to financial services. It was set up by the Competition and Markets Authority on behalf of the UK Government. Every provider that uses Open Banking to offer products and services must be regulated by the Financial Conduct Authority or European equivalent.