Open Banking

Helping you keep control of your data

The Competition and Markets Authority's initiative, Open Banking, went live in early 2018.

Open Banking is a new and secure digital platform to make it easier for you to share your account information securely with organisations - including other banks and third parties - who are registered with the Financial Conduct Authority (FCA) or relevant authorities in other countries (Authorised). This makes it possible for you to easily access a wider range of online services and compare banking products.

By accessing your account information, those third parties may offer you financial products that could suit your specific business needs.

Driven by the Competition and Markets Authority (CMA), Open Banking is designed to increase competition in the banking industry to benefit businesses like yours. It aims to encourage banks to consistently improve their services and innovate to provide the best possible banking experience.

There is no obligation for you to use Open Banking and share your account information with third parties, however, doing so could give you greater choice and access to a wider range of financial services and products from them.

Through Open Banking you could, for example, enable new online payment methods, integrate your Accounting Software with your Business Bank account and possibly streamline some of your business banking processes. The services available will depend on the propositions developed by registered Third Party Providers (TPPs).

Keeping your information secure

Central to the Open Banking initiative is the security of your account information. Any firms offering services through Open Banking must be Authorised and are responsible for safely storing any account information you share with them.

You'll also need to give your explicit consent for payments and account information sharing, as well as authorising HSBC to carry out your requests by using your online security credentials.

It's early days in the Open Banking initiative, and you may have many questions about what it could mean for your business. Our FAQs below answer some of the most common questions but if you have further queries, please don't hesitate to contact us: 0345 602 2014 and we'll be happy to help.

Frequently Asked Questions

What is Open Banking?

Why is Open Banking being introduced?

Is Open Banking secure?

Do I have to use Open Banking?

How do I register for Open Banking?

What data is shared?

Are all banks using Open Banking?

How will Open Banking benefit me?

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