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  • FIRST POST
    • MSE Rosie
    • By MSE Rosie 9th Jan 18, 3:15 PM
    • 67Posts
    • 34Thanks
    MSE Rosie
    Open Banking explained
    • #1
    • 9th Jan 18, 3:15 PM
    Open Banking explained 9th Jan 18 at 3:15 PM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you havenít already, join the forum to reply.


    Thanks folks,
Page 2
    • 18cc
    • By 18cc 13th Jan 18, 1:32 PM
    • 137 Posts
    • 94 Thanks
    18cc
    thanks _dl_ that was very useful
    • geoffers4
    • By geoffers4 13th Jan 18, 2:28 PM
    • 115 Posts
    • 777 Thanks
    geoffers4
    Yep I'm curious about this change too and hopeful it will open up more competition in the banking sector. Bit frustrating that initially it's only the big banks that have to comply - as the smaller challenger banks are the ones offering the best interest rates these days.

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  • jamesd
    you could grant a mortgage app temporary access to your current accounts to allow it to do a real-time assessment of your income and expenditure so it can work out automatically what mortgage you can afford.
    Originally posted by 18cc
    Yes, I expect that to be the sort of misleading and unhelpful thing it'll be used for. Current account transaction information can't reliably reveal my income or expenses. Most of my income never identifiably goes through a current account and much spending is too erratic to show up usefully.
    • Zanderman
    • By Zanderman 13th Jan 18, 5:18 PM
    • 1,318 Posts
    • 3,774 Thanks
    Zanderman
    So, for example, you could grant a mortgage app temporary access to your current accounts to allow it to do a real-time assessment of your income and expenditure so it can work out automatically what mortgage you can afford.
    Originally posted by 18cc
    Yes, I expect that to be the sort of misleading and unhelpful thing it'll be used for. Current account transaction information can't reliably reveal my income or expenses. Most of my income never identifiably goes through a current account and much spending is too erratic to show up usefully.
    Originally posted by jamesd
    Agree entirely with jamesd - simply looking at income and expenditure across current accounts would be completely unhelpful for mortgage applications for anyone with multiple accounts, variable income, and variable outgoings. Or even those with simpler systems, especially now that interest-paying current accounts are often used for savings and so may have significant amounts kept in them towards some forthcoming expenditure. My own situation, lots of current accounts, rather erratic income, careful budgeting and saving for expenditure - but almost all in current accounts - would completely confuse an App!
    • jubro
    • By jubro 15th Jan 18, 4:15 PM
    • 51 Posts
    • 14 Thanks
    jubro
    DWP /Benefit Agency
    Currently neither the DHSS/DWP/BA (or whatever is the currently correct name for the organisation that handles state unemployment, sickness and other benefits) nor the Inland Revenue have any registration and would appear not to be eligible to apply for registration.
    However I am concerned that this may become part of the required access that benefit claimants have to give in the future. I would strongly oppose any direct access to "open banking" (or something similar) by such government agencies. As a claimant I accept that I am required to produce any and all financial information requested and make an accurate and clear disclosure of my financial circustmances. I can see advantages from both sides to being able to access this directly from source. With the amount of 3rd party agencies "contracted" to this type of work and the disasters of previous experience with new IT systems and working practices I would have serious concerns about giving access to my banking data being a requirement of the benefits claim.
    • WiseDad
    • By WiseDad 15th Jan 18, 7:39 PM
    • 2 Posts
    • 1 Thanks
    WiseDad
    Screen-scraping still risky?
    That is my understanding. Open Banking makes use of 'API' and does not require you to give login details to anyone.

    Screen-scraping does require you to give login details and my understanding is that UK banks do NOT approve this and doing so means that you may not be protected,eg in cases of error or hacking.
    I don't think Open Banking has changed this (although will eventually replace screen-scraping).

    Can MSE clarify if they agree or if they think users are now protected for screen-scraping?
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