Open Banking anyone?

gonzo24 · 18 November 2017 at 1:18AM

I hope this is the right place for this post. Next year Open Banking will be introduced, and I'm currently getting letters from banks telling me about changes in terms and conditions in anticipation of it.
Before this, I had not heard a word about it, and yet it is apparently a Europe-wide "banking revolution." On the one hand I like the idea of seeing the big banks get a bit more competition, but on the other, I'm not sure I like the idea of sharing all my banking information from all my accounts with third parties.

Any thoughts anyone?

agrinnall · 18 November 2017 at 9:54AM

It's been done to death on here already, as you would have found if you'd looked before starting yet another thread.

RG2015 · 18 November 2017 at 10:36AM

My my. Isn't this forum such a friendly place! 18,000 posts and all they can give a new user is abuse.

Organist · 18 November 2017 at 10:41AM

Agree totally uncalled for response

TheShape · 18 November 2017 at 10:46AM

RG2015 wrote: »

My my. Isn't this forum such a friendly place! 18,000 posts and all they can give a new user is abuse.

OP is not a prolific poster but neither are they a new user. They've earned the 5 year MSE badge.

gonzo24 · 18 November 2017 at 12:04PM

agrinnall wrote: »

It's been done to death on here already, as you would have found if you'd looked before starting yet another thread.

Sorry, it is true I did sign up years ago, but I haven't been on for a long time. I also did search for "open banking" using the forum search and could not find any posts. Top result is Alphabetty Happy Chatty Thread. If anyone could point me to a thread or to better search terms that would be much appreciated. Thanks.

mt99 · 18 November 2017 at 12:08PM

Absolutely no problem asking duplicate questions we have all done it.

try this thread:

http://forums.moneysavingexpert.com/showthread.php?t=5737364&highlight=

or as I said in that thread:

Google 'open banking' or here:

http://www.wired.co.uk/article/open-banking-psd2-regulation-banking

As far as I am aware, the APIs don't allow a third party to transfer/withdraw etc, just to see your transactions

https://www.which.co.uk/news/2017/10/open-banking-92-of-the-public-in-the-dark/

Although as I have said before you have to give explicit consent for someone to look at your bank accounts, I can foresee it becoming a condition of applying for a mortgage (no access, no mortgage), credit card, new bank account etc etc.

RG2015 · 18 November 2017 at 12:17PM

TheShape wrote: »

OP is not a prolific poster but neither are they a new user. They've earned the 5 year MSE badge.

For heaven's sake! Maybe not new then but with six posts before today and the most recent of those in 2014 they hardly deserve responses like this.

And if this forum was just to tell people to think for themselves we might as well just tell everyone to go and google it.

eskbanker · 18 November 2017 at 12:46PM

gonzo24 wrote: »

Sorry, it is true I did sign up years ago, but I haven't been on for a long time. I also did search for "open banking" using the forum search and could not find any posts. Top result is Alphabetty Happy Chatty Thread. If anyone could point me to a thread or to better search terms that would be much appreciated. Thanks.

Some of the threads may be less obvious as their titles are about 'third party access' or similar, but a search for recent threads about 'open banking' on this board brings up:

http://forums.moneysavingexpert.com/showthread.php?t=5739721
http://forums.moneysavingexpert.com/showthread.php?t=5737364
http://forums.moneysavingexpert.com/showthread.php?t=5733825
http://forums.moneysavingexpert.com/showthread.php?t=5727335
http://forums.moneysavingexpert.com/showthread.php?t=5725128
http://forums.moneysavingexpert.com/showthread.php?t=5723440

Most of these start from a similar concern that you've expressed, but it soon becomes clear that it's optional for customers to participate, which, to be fair, is stated in the changes to Ts & Cs that prompt these threads....

gonzo24 · 18 November 2017 at 2:49PM

Thanks for these links, very helpful. Maybe I should have tried the Advanced Search rather than the Quick Search, and searched for posts not just threads, will know better next time. Cheers!

RG2015 · 18 November 2017 at 3:03PM

gonzo24 wrote: »

Thanks for these links, very helpful. Maybe I should have tried the Advanced Search rather than the Quick Search, and searched for posts not just threads, will know better next time. Cheers!

I am not convinced by the MSE search engine. However, I like to combine the searching power of Google with the wealth on content in MSE by putting MSE in my Google search. This gives you very focused results in MSE without having to populate several fields in the advanced MSE search.

And in answer to your initial question the most important thing is that they can only do this with your permission and it would never be a default position.

It is a sad indictment though that these days we do not appear to have any faith or trust in the banks.

Open Banking anyone?

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