Open banking providers recommendations?

Bookowl

Hi All,
I am interested in trying out open banking, but I would like to know if anyone could recommend a provider they've used?
Also, how secure is open banking and has anyone experienced issues, in terms of data being accessed that wasn't consented to or issues with scammers?
Thanks

jbrassy

Sometimes open banking is offered as an option within banking apps. For example Wise allow you to make overseas payments using open banking and Trading 212 allow payments into their ISA using open banking. It is rarely used to pay for goods and services. The only provider I am aware of is True Layer.

Open Banking is just as secure as any other payment method and you have nothing to worry about. 

DullGreyGuy

What are you actually wanting to use OpenBanking for? The poster above assumes its for payment purposes, I'd assumed you wanted to have a consolidated view of your accounts 

Ayr_Rage

I've had several Open Banking connections, used one yesterday setting up my annual tax payment from the HMRC website and it connected me to my Nationwide account, can't remember the name to the service.

Some Open Banking permission require renewing every few months, you just get a prompt from your bank, very easy.

All have worked as anticipated and as far as I know my data has not been compromised.

Bookowl

DullGreyGuy said:

What are you actually wanting to use OpenBanking for? The poster above assumes its for payment purposes, I'd assumed you wanted to have a consolidated view of your accounts 

Hi,

Yes I'd like an overview of my accounts.

Do I just go onto the open banking website and choose a provider?

Bookowl

jbrassy said:

Sometimes open banking is offered as an option within banking apps. For example Wise allow you to make overseas payments using open banking and Trading 212 allow payments into their ISA using open banking. It is rarely used to pay for goods and services. The only provider I am aware of is True Layer.

Open Banking is just as secure as any other payment method and you have nothing to worry about. 

I previously had monzo and they provided open banking, so I could see an overview of my accounts. But, I ditched monzo as the features I wanted to use I had pay for. 

Middle_of_the_Road

Bookowl said:

DullGreyGuy said:

What are you actually wanting to use OpenBanking for? The poster above assumes its for payment purposes, I'd assumed you wanted to have a consolidated view of your accounts 

Hi,

Yes I'd like an overview of my accounts.

Do I just go onto the open banking website and choose a provider?

Most banks should just allow you to add other accounts online or in the App.

Bookowl

Middle_of_the_Road said:

Bookowl said:

DullGreyGuy said:

What are you actually wanting to use OpenBanking for? The poster above assumes its for payment purposes, I'd assumed you wanted to have a consolidated view of your accounts 

Hi,

Yes I'd like an overview of my accounts.

Do I just go onto the open banking website and choose a provider?

Most banks should just allow you to add other accounts online or in the App.

Oh didn't know that, i’ll maybe try that. I know monzo allowed that. Don't know if nationwide or hsbc do?

Middle_of_the_Road

Bookowl said:

Middle_of_the_Road said:

Bookowl said:

DullGreyGuy said:

What are you actually wanting to use OpenBanking for? The poster above assumes its for payment purposes, I'd assumed you wanted to have a consolidated view of your accounts 

Hi,

Yes I'd like an overview of my accounts.

Do I just go onto the open banking website and choose a provider?

Most banks should just allow you to add other accounts online or in the App.

Oh didn't know that, i’ll maybe try that. I know monzo allowed that. Don't know if nationwide or hsbc do?

Nationwide do provide open banking connections.

GreenScepter

Bookowl said:

DullGreyGuy said:

What are you actually wanting to use OpenBanking for? The poster above assumes its for payment purposes, I'd assumed you wanted to have a consolidated view of your accounts 

Hi,

Yes I'd like an overview of my accounts.

Do I just go onto the open banking website and choose a provider?

Lloyds have this. They seem to have a bigger list of available banks/credit cards you can view compared to Monzo, and unlike Monzo it's free. Can't really say how well it works though since Monzo is my main account, sometimes I have issues connecting with Virgin Money but I don't know if that's a Monzo or VM issue.

https://www.lloydsbank.com/help-guidance/everyday-banking/profile-and-settings/open-banking.html

I don't think many banks do this so you might not have many options. Some used to, but from what I can see, they don't any more.

PRAISETHESUN

Bookowl said:

DullGreyGuy said:

What are you actually wanting to use OpenBanking for? The poster above assumes its for payment purposes, I'd assumed you wanted to have a consolidated view of your accounts 

Hi,

Yes I'd like an overview of my accounts.

Do I just go onto the open banking website and choose a provider?

Open banking isn't just a website you go to. It's a framework that allows banks to securely share your banking data with other organisations.

Every company implements the technology slightly differently, but some of the big banks have their apps set up to allow you to consolidate all your banking data from other banks within their own app. I'd start by looking at the banks you currently use and see if any of them offer an option to link accounts from other banks. Lloyds and NatWest/RBS are the ones that come to mind from the ones I use regularly.