If you bank with any of the big UK banks, you can now share data about your account and make payments in new ways. You’ll have more choice over which websites and apps you can use to do your banking, so it’ll be easier to manage your money.
What is Open Banking?
Open Banking is a change to UK regulation which makes it easier to bank the way you want to. We’ve made it possible for you to share your data and make payments in new ways. That means you can use different kinds of services to manage your money. These services are still quite new, but they should make everything simpler. For example, you can now see all your accounts with different banks in one place.
Open Banking is an industry-wide change to increase competition. That means these new services won’t just be offered by the Halifax and other banks. Other kinds of companies will offer them too, even those who haven’t been involved in banking before.
We want to make things easy for you. Making sure you can use helpful new services is part of this. That’s why we’ve been working with regulators, consumer groups and many others to make this happen.