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  • FIRST POST
    • mt99
    • By mt99 10th Oct 17, 8:13 AM
    • 453Posts
    • 219Thanks
    mt99
    Open Banking
    • #1
    • 10th Oct 17, 8:13 AM
    Open Banking 10th Oct 17 at 8:13 AM
    Good article on open banking...

    http://www.dailymail.co.uk/money/saving/article-4944932/Keep-money-identity-safe-Open-Banking.html
Page 1
    • Anthorn
    • By Anthorn 10th Oct 17, 9:15 AM
    • 3,289 Posts
    • 845 Thanks
    Anthorn
    • #2
    • 10th Oct 17, 9:15 AM
    • #2
    • 10th Oct 17, 9:15 AM
    An emerging technology based on the relatively older concept of data transparency. What it does call for is an open standard of API and it's not clear whether Open Banking can still be achieved if their is more than a single standard.

    The Daily Mail is sometimes given to sensationalism and their article on Open Banking is no exception. Taken at face value, the Daily Mail is saying that private date will be provided to anyone and everyone putting that data at risk of fraud. A bit far fetched in my opinion.
    • eDicky
    • By eDicky 10th Oct 17, 9:55 AM
    • 2,967 Posts
    • 1,306 Thanks
    eDicky
    • #3
    • 10th Oct 17, 9:55 AM
    • #3
    • 10th Oct 17, 9:55 AM
    The Daily Mail is sometimes given to sensationalism and their article on Open Banking is no exception. Taken at face value, the Daily Mail is saying that private date will be provided to anyone and everyone putting that data at risk of fraud. A bit far fetched in my opinion.
    Originally posted by Anthorn
    Yes, a prime example of their sensationalism, they even have to negate their own ridiculous headline....

    Open Banking rules mean banks can share YOUR data: Here's how to OPT OUT and keep your money safe online

    How do I opt out?
    In fact, you don't need to opt out. In order for any third party to have access to your data, you will have to opt IN.
    • mt99
    • By mt99 10th Oct 17, 11:36 AM
    • 453 Posts
    • 219 Thanks
    mt99
    • #4
    • 10th Oct 17, 11:36 AM
    • #4
    • 10th Oct 17, 11:36 AM
    Yes that is indeed what the article says:

    "How do I opt out?

    In fact, you don't need to opt out. In order for any third party to have access to your data, you will have to opt IN. "
  • EdgarWhitleyLSE
    • #5
    • 21st Nov 17, 2:33 PM
    • #5
    • 21st Nov 17, 2:33 PM
    In light of the discussion in this forum, if you using mobile phone apps like the ones discussed in this thread to help manage your personal finances and savings or have given an app or website permission to interact with your banking data, we are interested in speaking with you as part of a study for the Financial Services Consumer Panel being undertaken by Dr Edgar Whitley and Dr Roser Pujadas from the LSE’s Department of Management. For more details about the study and to enrol, please click https://lse.eu.qualtrics.com/jfe/form/SV_4Jbj39zKZgrAlmJ
    Official Organisation Representative
    This is a verified account.

    MSE has given permission for me to post letting you know about relevant and useful info and ask for your feedback. You can see my name on the organisations with permission to post list. If you believe I've broken the Forum Rules please report it to forumteam@moneysavingexpert.com. This does NOT imply any form of approval of my organisation by MSE
    • Nick_C
    • By Nick_C 21st Nov 17, 3:06 PM
    • 3,144 Posts
    • 4,176 Thanks
    Nick_C
    • #6
    • 21st Nov 17, 3:06 PM
    • #6
    • 21st Nov 17, 3:06 PM
    I currently use First Direct Internet Banking which gathers information on all my current balances and presents them on one screen. All the passwords are stored locally on my PC in a secure file.

    I find this a brilliant tool for managing multiple accounts. I also store all my bank and CC transactions in a spreadsheet. I use FDIB to check my total net worth on a daily basis and validate this against my spreadsheet. Any discrepancy indicates an omission from my spreadsheet, unauthorised activity, a forgotten infrequent DD, or an unexpected credit.

    It would be great if a similar tool allowed me to transfer money. Better still if it automatically transferred excess sums from current accounts to savings accounts.

    Open banking could be an exciting development. I look forward to seeing what it will offer.
    • paulh2008
    • By paulh2008 2nd Dec 17, 12:20 PM
    • 13 Posts
    • 3 Thanks
    paulh2008
    • #7
    • 2nd Dec 17, 12:20 PM
    Open Banking or Free For All?
    • #7
    • 2nd Dec 17, 12:20 PM
    Managing all your accounts with one organisation through a single interface is one thing - I've been doing that for years with a number of my organisations - it's just me logging in to my accounts

    Open Banking is completely different in that it allows OTHER PEOPLE to access your accounts. Barclays has told me that one of the ways is for me to give other people my login information, so they can login as if they were me, see everything I can see, do anything I can do, and no-one will be able to tell who did what.

    Nat West has told its customers as part of this initiative that if they divulge their login details then Nat West cannot be held responsible for any problems that may arise.

    I for one will have nothing to do with it.
    • worried jim
    • By worried jim 2nd Dec 17, 12:33 PM
    • 8,770 Posts
    • 13,388 Thanks
    worried jim
    • #8
    • 2nd Dec 17, 12:33 PM
    • #8
    • 2nd Dec 17, 12:33 PM
    Managing all your accounts with one organisation through a single interface is one thing - I've been doing that for years with a number of my organisations - it's just me logging in to my accounts

    Open Banking is completely different in that it allows OTHER PEOPLE to access your accounts. Barclays has told me that one of the ways is for me to give other people my login information, so they can login as if they were me, see everything I can see, do anything I can do, and no-one will be able to tell who did what.

    Nat West has told its customers as part of this initiative that if they divulge their login details then Nat West cannot be held responsible for any problems that may arise.

    I for one will have nothing to do with it.
    Originally posted by paulh2008
    You’ve been given total duff info by both Barclays and NatWest.

    https://www.openbanking.org.uk/about/the-initiative-open-banking/
    Last edited by worried jim; 02-12-2017 at 12:40 PM.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • tempus_fugit
    • By tempus_fugit 2nd Dec 17, 7:21 PM
    • 328 Posts
    • 310 Thanks
    tempus_fugit
    • #9
    • 2nd Dec 17, 7:21 PM
    • #9
    • 2nd Dec 17, 7:21 PM
    Open Banking is completely different in that it allows OTHER PEOPLE to access your accounts. Barclays has told me that one of the ways is for me to give other people my login information, so they can login as if they were me, see everything I can see, do anything I can do, and no-one will be able to tell who did what.
    Originally posted by paulh2008
    Nonsense, Open Banking is where you allow a third party provider (TPP) to access the systems of the banks via APIs (application programming interfaces), which do not allow them to do anything that is not authorised by you. This means that they can only do whatever the banks' APIs allow them to, in particular they can't take money or make payments, it will largely be read-only. Also, any third party providers that you use have to be ones approved by the FCA or another authorised European regulator. So it's nothing like giving your login details to someone and letting them do things as though they were you.
    Last edited by tempus_fugit; 02-12-2017 at 7:39 PM.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • eskbanker
    • By eskbanker 2nd Dec 17, 7:29 PM
    • 5,902 Posts
    • 5,861 Thanks
    eskbanker
    in particular they can't take money or make payments, it will largely be read-only.
    Originally posted by tempus_fugit
    While I agree with your rebuttal of some of the uninformed hysteria about this subject, it's perhaps worth noting that, according to https://www.openbanking.org.uk/about-us/:
    authorised third parties can be given consent by the account holder to access their Bank accounts to extract data and / or initiate payments, without having to use the Banks Online services
    • tempus_fugit
    • By tempus_fugit 2nd Dec 17, 7:36 PM
    • 328 Posts
    • 310 Thanks
    tempus_fugit
    While I agree with your rebuttal of some of the uninformed hysteria about this subject, it's perhaps worth noting that, according to https://www.openbanking.org.uk/about-us/:
    Originally posted by eskbanker
    OK, thanks, I wasn't sure about that bit. The important thing is that they can't do anything without your authorisation and it's certainly not the same as just allowing someone to use your login as was being suggested (although I can see why people would be concerned about it).
    Last edited by tempus_fugit; 02-12-2017 at 7:42 PM.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • ryan121
    • By ryan121 4th Dec 17, 1:00 PM
    • 121 Posts
    • 38 Thanks
    ryan121
    Open banking is great and will actually improve security. I already use third-party services but I have to give my bank login details to them at the moment. From next year I just have to approve the third party being able to see my transactions without giving any details.

    Services like Cleo and plum are providing direct competition to the major banks. Exciting times!
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