What is open banking
Open banking is a way to connect your current account to other accounts and services.
The biggest nine banks in the UK are required to enable open banking in their customers’ accounts. Smaller banks and building societies can also enable it for their customers.
Open banking can allow you to securely connect to a world of secure apps and services to get more clarity and control over your finances.
It can be a great way to personalise your finance with a host of other services. You’re always in complete control, and you can turn off open banking any time you like.
Services range from simple information gathering to more complex services like being able to move money for you.
It might sound a little scary, but every open banking provider is 100% regulated. You can find out more about open banking at www.openbanking.org.uk/what-is-open-banking.
How Shawbrook uses open banking
Our savings accounts cannot connect to open banking. However, we do use the power of open banking to help us electronically verify your nominated current account.
For example, if you’d like to change your nominated account but something doesn’t quite match up with the electronic information, we need to verify that the account details are correct.
We used to do this by asking you to send us an original bank statement.
Now, by working with our partner (Consents.Online), we can send an email to you which contains a link.
By following that link, you’ll be invited to share your data through open banking (you’ll see exactly what information is asked for before you agree).
The link will invite you to log in to digital banking with your nominated current account provider and link to Consents.Online. They’ll be able to verify your account details with this data, and let us know that it’s OK to change your nominated account.