The Competition and Markets Authority's initiative, Open Banking, went live in early 2018.
Open Banking is a secure digital platform to make it easier for you to share your account information and make payments securely with organisations - including other banks and third parties - who are registered with the Financial Conduct Authority (FCA) or authorised by relevant authorities in other countries. 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, share your account information or make payments 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).
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.
Third Party Providers (TPPs) will ask you to enter your HSBC Online Banking login details via their website in order to access your HSBC account. You, as a customer, will always have to be present to input your login details, and by inputting this information, you’ll be giving the TPP consent to access your HSBC accounts’ information and payment features.
You must only input your login credentials with TPPs registered with their respective National Competent Authorities (NCAs), as TPPs from across Europe can offer this service. The Competent Authority in the UK is the Financial Conduct Authority (FCA) and you can check a TPP’s status here if they’re registered in the UK: FCA Register.
If in doubt, you can always ask your chosen TPP to confirm their regulatory status.
This service will be evolving further in the future and we are working hard on making some extra features available to you.
Our FAQs below answer some of the most common questions but if you have further queries, you can find more information on our BIB Helpcentre pages.
If you’d like to speak with us, please don't hesitate to contact us on: 0345 602 2014 and we'll be happy to help.