Open Banking is designed to offer you greater control, choice and freedom across your bank accounts

You will be able to share your current account information with third parties online. This means you could benefit from services provided by these third parties, such as price comparison sites to check if there might be a better account for you, or to link up your current accounts in an aggregation site and other money management tools. Overall, this could help you make better financial decisions. 

You can make some payments through third parties, like sending money directly from your current account to some online retailers and between your accounts, (you can make an immediate payment or set up a standing order and future dated payments).

You can allow third parties to ask us for confirmation that you have available funds in your current account to cover a payment you are making through a card provided by the TPP. The confirmation of available funds check will return a yes or no answer.  

Customers who want to share their current account information, allow third parties to access your funds availability information or initiate payments in this way will need to give their explicit consent to the third parties whose services they want to use. They will also need to authenticate with their Bank using their online or (where available) mobile banking security credentials.

FAQs

What is Open Banking?

Open Banking has been designed to increase innovation and competition in the retail banking market. You could make better financial decisions by seeing your current accounts in one place, whilst also having access to other financial services online, such as budgeting and comparison tools. You can initiate payments from your current account e.g. to some online retailers or send money between your accounts. Also, you can link your account to cards provided by third parties and allow them to check if you have funds available in your account to cover a payment you are making with that card.

Is Open Banking secure?

Firms who are providing services by Open Banking must comply with data protection laws and must be registered or authorised with the Financial Conduct Authority (FCA). They will also need to be registered with Open Banking.

Customers who want to use Open Banking in connection with an HSBC UK Current Account will need to be registered for online banking. Also, for every new request received by HSBC UK for a third party to access a customer's account, the customer will need to authenticate using their online or (where available) mobile banking security credentials.

What data is shared?

If a company asks you to share information, they have to be clear what they are going to do with it, and how long they will keep it for. The only current account data they can ask you for is divided into the following four groups:

  1. Account name, number and sort code, account balance and any other name which you give to your accounts
  2. Direct debits, standing orders and other payee agreements that you may have set up
  3. Incoming and outgoing transactions
  4. The types of accounts you have, including benefits, fees, services and interest

  

Are all banks using Open Banking?

Currently the nine largest retail banks and building societies operating in the UK and NI have enabled Open Banking for their current account customers. These financial service providers will maintain a consistent approach which will enable data to be shared with other companies, such as comparison websites.

Why is this being introduced?

Open Banking is an initiative driven by the Competition and Markets Authority, aimed at bringing greater competition and innovation to retail banking services. This could grant customers more control over their data and finances as well as access to other service providers to meet their needs.

How will Open Banking benefit me?

Open Banking is designed to bring you greater market choice on how you control your money, for example how you compare and select the right current account for you. There may be services which offer budgeting guidance and debt management guidance. You can initiate payments directly from your current account e.g. to some online retailers. Also, you will be able to link your account to cards provided by third parties and allow them to check if you have funds available in your account to cover a payment you are making with that card.  The confirmation of available funds check will return a yes or no answer.

Am I automatically opted in to Open Banking?

You are not opted into Open Banking automatically. To take advantage of services provided using Open Banking you will first need to provide explicit consent to a regulated third party provider to access your account information, funds availability, or send money and you will also need to authenticate with us by using your online or (where available) mobile banking security credentials.

However if you don't consent, your data will not be shared with them, they will not be able to make payments from your account, and you will not be using Open Banking.

I have an issue, where can I go?

If you have a technical problem, please let us know on 03457 404 404. Lines are open from 8am to 10pm every day (except for Christmas Day, Boxing Day and New Years Day) and we'll do everything we can to sort it out straight away.

For queries with account information sharing, confirmation of available funds or send money please refer to the below guidance:

Trouble authenticating

If you are having trouble authenticating please ensure you expand and follow the on-screen instructions on how to generate a re-authentication security code.

Account Information Sharing

If you are concerned about the data you have shared and feel it may have been used incorrectly please contact the organisation or third party provider you shared the data with.

Confirmation of funds

If you have an issue with your third party issued card please contact the organisation or third party provider who issued the card.

Payment Initiation

If you have an issue with a product you bought, if it has not arrived or you received the wrong item, please contact the retailer.

If a payment was taken from your current account that you (or another account holder) did not request, check our hints and tips to help you identify why you might not recognise the payment. If you're still concerned please call us on 03457 404 404. Lines are open from 8am to 10pm every day (except for Christmas Day, Boxing Day and New Years Day).

You can also refer to the Open Banking website, https://www.openbanking.org.uk/. This link will open in a new browser window for more information on the different routes you can take based on your circumstances.

Alternatively if you are not happy with any of our services please visit our complaints and feedback page here.