So what is Open Banking?
The idea behind Open Banking is to open up possibilities for you, offering you easier access to different choices about how you bank.
It's designed to allow smaller and newer financial services providers to compete more easily with the bigger banks, and to encourage the bigger banks to continue to improve what they offer too.
You can now choose to share pieces of your first direct 1st Account information through Open Banking with other financial services providers. This could enable you to use different services, like seeing your accounts from different banks in one place or using price comparison sites to get a better idea of what current accounts might be best for you. You don't have to share any details through Open Banking if you don't want to. You're in control.
But if you do authorise your bank to share current account information via secure Open Banking, it could:
- save you time when shopping around for financial services and other products, like utilities, with no need to enter information multiple times
- use your data to ensure you receive more personal, more relevant quotes
- allow you to manage many or all of your accounts using innovative money management tools; and as Open Banking develops, it could extend to other financial services like loans and credit cards
- give you a new way to pay at online checkouts, straight from your bank account.