Lloyds Group - increased bank access with or without Open Banking?

vikkiew
vikkiew Posts: 123 Forumite
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in Budgeting & bank accounts
As most of you know Halifax and Bank of Scotland accounts show up together when doing online banking with either site. I thought Open Banking would allow this facility across banks but I don't see any options anywhere to request this. Is it possible through Open Banking features or outside of this with sister institutions under same group for example to have Lloyds and Halifax accounts appear together in one?

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  • colsten
    colsten Posts: 17,597 Forumite
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    There are various account aggregators which provide you a single view of multiple accounts across multiple banks. Existing ones include accountunity and MoneyDashboard. First Direct has an implementation of accountunity. All have been around for several years.
  • eskbanker
    eskbanker Posts: 30,938 Forumite
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    colsten wrote: »
    There are various account aggregators which provide you a single view of multiple accounts across multiple banks. Existing ones include accountunity and MoneyDashboard. First Direct has an implementation of accountunity. All have been around for several years.
    Indeed - these providers predate the introduction of Open Banking and therefore use the traditional model of using the customer's login credentials to connect to the relevant banks in order to access the data for aggregation.

    The introduction of Open Banking allows registered providers to access such data without sharing of credentials being needed, by connecting directly to the bank's systems via published APIs, subject of course to customer consent. The providers who've gone through the FCA accreditation process so far are shown at https://www.openbanking.org.uk/regulated-providers/, but I'm not aware of any of them offer a full-function equivalent to the aggregators yet (happy to be corrected on that!).

    To the best of my knowledge, the Open Banking initiative was aimed at enabling direct access to third party providers who are independent of the banks themselves, so I wouldn't have expected greater transparency across brands within Lloyds Banking Group to be an outcome, at least not without going via a third party....
  • hoc
    hoc Posts: 557 Forumite
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    Aggregators violate banking terms and aren't formally approved by institutions unlike the Open Banking initiative. With former you are giving out your credentials to a third party, latter you are giving only consent. First Direct's implementation is more akin to a password manager with the login data being stored locally, but like everything about First Direct it is an online experience reminiscent of the late nineties at best. Among the bank's HSBC does it best. I am surprised UK banks haven't implemented Open Banking (PSD2), they could easily make use of the APIs to allow the user to pull in their account details with other institutions giving the customer convenience and the bank access to the information.
  • Armorica
    Armorica Posts: 866 Forumite
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    hoc wrote: »
    Aggregators violate banking terms and aren't formally approved by institutions unlike the Open Banking initiative. With former you are giving out your credentials to a third party, latter you are giving only consent. First Direct's implementation is more akin to a password manager with the login data being stored locally, but like everything about First Direct it is an online experience reminiscent of the late nineties at best. Among the bank's HSBC does it best. I am surprised UK banks haven't implemented Open Banking (PSD2), they could easily make use of the APIs to allow the user to pull in their account details with other institutions giving the customer convenience and the bank access to the information.

    I think you're confused.

    Open Banking is UK specific and is about the API data feeds available from the banks. This isn't the same as PSD2.

    AIPSPs and PISPS are authorised under PSD2. These are sometimes known as aggregators - see the link above for those that have been authorised by the FCA.

    HSBC has launched an account aggregator app where you can see HSBC accounts and those from other providers.
  • hoc
    hoc Posts: 557 Forumite
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    Armorica wrote: »
    I think you're confused.

    Open Banking is UK specific and is about the API data feeds available from the banks. This isn't the same as PSD2.

    AIPSPs and PISPS are authorised under PSD2. These are sometimes known as aggregators - see the link above for those that have been authorised by the FCA.

    HSBC has launched an account aggregator app where you can see HSBC accounts and those from other providers.


    About what part do you think I'm confused or incorrect?


    "Open Banking" is a general industry term, it is not UK specific and is an implementation of the broader functionality under PSD2, using API as you and I previously mentioned. These are really all EU initiatives, the only UK specific thing was the CMA requiring the big UK banks to open up. FCA oversees the regulatory side as with most things in the banking/financial, and the general term "Open Banking" has been kept for the UK implementation but there isn't anything special about it otherwise.


    "Aggregator" implies the older method where credentials are inputted into the aggregation service. These have nothing to do with Open Baking/PSD2, they log you in indirectly. These violate terms, if the third party gets hacked and your banking credentials are lost then your bank is under no obligation to compensate you.


    Open Banking/PSD2 is between registered institutions.HSBC's app is an implementation of Open Banking so by giving consent to say HSBC to show your Lloyds account details you do not expose your Lloyds account in case HSBC was to get hacked.
  • mightbedave
    mightbedave Posts: 78 Forumite
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    hoc wrote: »
    "Aggregator" implies the older method where credentials are inputted into the aggregation service. These have nothing to do with Open Baking/PSD2, they log you in indirectly. These violate terms, if the third party gets hacked and your banking credentials are lost then your bank is under no obligation to compensate you.

    I don't believe that is true anymore since the introduction of PSD2. This is what it says in the Yolt FAQs:
    Does this break my bank's terms and conditions?
    As of the 13th of January 2018, all banks and building societies in the UK are making their customer data accessible to regulated and licensed third parties such as Yolt and as a result have altered their terms and conditions to reflect this change. Nine of the biggest banks and building societies will provide this data using APIs for current and personal accounts, as will some others, and for accounts without an API we use a trusted data partner.
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