Open Banking - Warning, know what you getting into

ColdIron

TheWoodler said:

Even NS&I is using Open Banking now.

And so is HMRC. I paid my Class 3 NICs with Open Banking in May to ensure I get the full state pension

dinger

wiseonesomeofthetime said:

No reference to data mining that I can see in that link.

In fact, there is this that makes it clear you are in control 

Yesssss, I have referred to the finer point that in the case of Consent Online and Shawbrooks arrangement that when one agrees to have them "verify" their bank they need to consent to Consent Online seeing data inside their bank account. Note, they do not tell one what data, which I understand is contrary to how it is supposed to work.  

https://help.shawbrook.co.uk/hc/en-gb/articles/10953614174866-Who-are-Consents-Online

I feel sure that will be the same with other banks and other third parties in the business. It is a part of Open banking and the title of this thread includes  

"Warning, know what you getting into"

 

dinger

TheWoodler said:

You’re not in a position to tell me what I have and haven’t read, but maybe this is the article about Open Banking you had in mind?

https://www.gov.uk/government/news/millions-of-customers-benefit-as-open-banking-reaches-milestone

Not so long ago, I didn’t know what Open Banking was, or anything about the major players in that industry. I read up about it to understand how it worked so I could be confident in using it. I would encourage you to read up about ConsentsOnline, the third party in this case, and how much it’s being rolled out across the financial sector. Even NS&I is using Open Banking now. 

Trusted third parties are quite normal across the financial sector and have been for many years. When you pay by credit card online a third party handles the transaction, not the shop with whom you’re placing an order. Even if you make a debit card deposit into a bank you’re redirected to a third party to complete the secure transaction. How is Open Banking different? 

No, this is the one.

 https://www.openbanking.org.uk/how-open-banking-can-help-consumers/  

Of course, the emphasis is on helping consumers not the marketers of products and services. 

"How is Open Banking different?" Those you describe are not looking at data in my bank account.

masonic

dinger said:

Yesssss, I have referred to the finer point that in the case of Consent Online and Shawbrooks arrangement that when one agrees to have them "verify" their bank they need to consent to Consent Online seeing data inside their bank account. Note, they do not tell one what data, which I understand is contrary to how it is supposed to work.  

https://help.shawbrook.co.uk/hc/en-gb/articles/10953614174866-Who-are-Consents-Online

I feel sure that will be the same with other banks and other third parties in the business. It is a part of Open banking and the title of this thread includes  

"Warning, know what you getting into"

It is your linked bank account provider (the one you are sharing details of) that is responsible for telling you what information is to be shared at the point of consent, because you do so after being transferred to their online banking site. I've used open banking with over 10 different institutions and all of them have provided this information. If yours doesn't, then it is an outlier and you could consider raising this with them (although you could be mistaken about them not informing you). If you share the name of your linked account provider, then someone else could probably confirm whether or not they are doing Open Banking correctly.

noh

I suspect his intended nominated bank account is with Nationwide.
The reason that it could not be verified electronically is most likely because it was opened in 1987 and therefore will not appear on on credit agency reports as Nationwide have not updated the T+Cs of accounts opened before 1999 to allow that.
Nationwide of course implement Open Banking correctly.
https://www.nationwide.co.uk/ways-to-bank/open-banking/open-banking-security/

IvanOpinion

Over the last few years there has been a growing air of unwarranted paranoia creeping into the population. It is right to be careful and you need to ascertain what is dangerous and what is safe. In this case the request for information sharing is likely to be totally safe.

Every website you visit will result in multiple parties collecting multiple analytics. Every journey is being tracked by your mobile phone, assuming you carry one.

There is another thread on this board were people are willingly giving information about multiple bank accounts for a few quid, all in the name of data gathering.

To misquote Sting
"Every click you make. And every move you make. Every simple navigate · Every single day. And every analytic you create · Oh, can't you see. You belong to them?"

Welcome to the 21st century, you have a choice, cower from it or accept it and its shortcomings.

dinger

A bit off-topic but has anyone got their email notifications working for replies to threads started and posts? I've got the relevant boxes checked in my profile but to no avail. The forum instructions are out of date! Thanks

VNX

dinger said:

Shawbrook Bank has just wasted theirs and my time by allowing me to open an instant access esaver account which appeared as one of MSE's high-interest earners recently.  Please see the thread I started here. 

 https://forums.moneysavingexpert.com/discussion/comment/80183693#Comment_80183693 

Nothing was mentioned in the application that I would have to agree to what it appears to me to allow a third party to hack into my current/nominated account as part of the verification process. Open banking is a government initiative, of course, for the benefit of the consumer! It is described at the link below   

https://www.openbanking.org.uk/how-open-banking-can-help-consumers/ 

Maybe best you keep your money under the mattress 

400ixl

You combine the limited access Open Banking provides and GDPR / Data Privacy regulations which restrict what they use the data for to match what they tell you they are processing your data for.

They cannot and will not be doing "data mining" beyond the purpose of what they state it is for. So for example in this case if it is for identity then they will be matching the account ownership details, they will not be mining you banking transactions as that would be illegal under the data processing laws.

OP, you are reading far too much into it (or in this case not reading enough by just reading the Open Banking statements). It will be very limited in what they will be processing through the one time access for verification.

You are within your rights to decide for yourself that you don't want to take part in the process, but to be shouting conspiracy theories is not the truth, just your perception.