Open Banking anyone?

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gonzo24
gonzo24 Posts: 10 Forumite
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in Budgeting & bank accounts
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?
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  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    It's been done to death on here already, as you would have found if you'd looked before starting yet another thread.
  • RG2015
    RG2015 Posts: 5,904 Forumite
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    My my. Isn't this forum such a friendly place! 18,000 posts and all they can give a new user is abuse.
  • Organist
    Organist Posts: 143 Forumite
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    Agree totally uncalled for response
  • TheShape
    TheShape Posts: 1,779 Forumite
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    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
    gonzo24 Posts: 10 Forumite
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    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
    mt99 Posts: 472 Forumite
    edited 18 November 2017 at 12:10PM
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    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
    RG2015 Posts: 5,904 Forumite
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    edited 18 November 2017 at 12:22PM
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    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
    eskbanker Posts: 31,034 Forumite
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    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
    gonzo24 Posts: 10 Forumite
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    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
    RG2015 Posts: 5,904 Forumite
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    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.
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