Open Banking.

From January 2018, Open Banking will let you use your accounts online in new ways.

You’ll be able to share data about your accounts and make payments from other websites or apps.

As a result, you’ll be able to benefit from new kinds of services which could help you manage your money, compare products from different banks and find products more suited to you. These services might be offered by banks as well as other kinds of companies. Companies who offer these services are responsible and accountable for how they use your data and initiate payments.

You don’t have to use these services if you don’t want to. Your financial information belongs to you, and at Halifax we believe it’s up to you how you use it.

Why is Open Banking being introduced?

Open Banking is an industry-wide initiative. It’s led by the UK Competition and Markets Authority, in partnership with Halifax, other large UK banks and consumer groups. The goal is to:

  • increase transparency and competition
  • give customers more control over their data
  • promote innovation in financial services

At Halifax, we want to do what’s best for our customers. Making sure you have access to innovative products and services is part of this. That’s why we’re working alongside the regulator, consumer groups and many others to make this happen.

What does Open Banking mean for me?

You’ll start to see new ways to use your bank account from January 2018. For example, Open Banking will make it possible to:

  • compare your Halifax accounts with others from different banks
  • see all your accounts with different banks in one place
  • view your balance or make payments on another website or app.

 That means you might be able to see your Halifax balance when buying a product online, which could help you manage your finances more easily.

How does Open Banking work?

When you share data or make a payment through another website or app, you’ll be transferred to our secure website and we’ll ask for your Online Banking sign in details. Your sign in details won’t be shared with the other company when you do this.

All companies involved in Open Banking need to be registered with the Financial Conduct Authority (FCA) or another European regulator.

How safe is Open Banking?

Open Banking uses a secure connection to share data and payment information.  There are also industry safeguards in place to make sure that you’re protected:

  • Only you can choose to share your data or make a payment.
  • You can stop sharing data at any time through Online Banking.
  • Your payments are protected in exactly the same way as when you use Online Banking.

Also keep in mind that fraudsters might try to get you to sign into fake sites. Always look for the padlock symbol and check that you’re on the website. You can check that a UK company is registered for data sharing and payments on the FCA website.

We'll never share your sign in details with anyone, or contact you by phone or email asking for your logon details, or to transfer money into a ‘safe’ account. If you receive unusual phone calls or emails, or have concerns about any other suspicious activity, please contact us immediately.

Key actions to keep you safe

You should always be careful when using an Open Banking service:

  • Read the details – always read the terms and conditions of the provider before signing up.
  • Protect your data - make sure you understand and agree to what data you’re sharing, how it will be used and who else it may be passed to.
  • Check your statements – keep an eye out for any suspicious activity on your accounts, and contact us if you’re uncertain.

Services asking for your sign in details

Some companies offering these services, which work outside of Open Banking, will ask for your sign in details to share data or make payments.

We think this is less safe than Open Banking because it may make you more vulnerable to fraud. A fraudster with your logon details will be able to see and do anything you can with your accounts.

Before giving your sign in details, you should make sure you understand the service which the company is providing and that it has been authorised by the FCA.

For more information on this kind of service, visit the FCA website.

Open Banking FAQs