Open Banking

mt99

Good article on open banking...

http://www.dailymail.co.uk/money/saving/article-4944932/Keep-money-identity-safe-Open-Banking.html

Anthorn

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

Anthorn wrote: »

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.

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

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

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

Nick_C

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

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

paulh2008 wrote: »

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.

You’ve been given total duff info by both Barclays and NatWest.

https://www.openbanking.org.uk/about/the-initiative-open-banking/

tempus_fugit

paulh2008 wrote: »

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.

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.

eskbanker

tempus_fugit wrote: »

in particular they can't take money or make payments, it will largely be read-only.

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

eskbanker wrote: »

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/:

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).