Open Banking is a term used to describe a set of technologies and standards, which allows consumers to safely and securely share their account information, for example through apps and websites.
For example, you can choose to give secure access to your current account information, held by your account provider, to a regulated company via an app or website. Only you can decide what information you share and for how long, and no one gets access unless you give your permission.
To use an Open Banking service you need online or mobile banking for your personal or business current account.
Services allowing you to share your account information with a company other than your bank have existed for a while but have been provided through a system called screen scraping. Screen scraping involves capturing on-screen information, like taking a photograph of your data.
Open Banking is more secure than screen scraping because, for example, you don’t have to share your password or login details with anyone other than your bank or building society.