What is Open Banking?
Open Banking enables customers and Third-Party Providers (TPPs) to securely access and publish banking data with explicit customer consent. This allows you to take advantage of a range of services that are designed to improve your banking experience developed by banks, innovative partners and regulator-licensed third parties. This access to innovative products and simpler banking comes with state-of-the-art security and authentication features backed by a regulatory framework. Consent can be managed and revoked and regranted by customers based on the value-addition they see from specific Open Banking services and providers.
What it means to you?
You can choose to share your data with registered companies (known as Third-Party Providers or TPPs) to pay in new ways. That means you can see account information from your other banks all in one place and make payments through other apps and websites.
Remember, you’re in control of your information. You choose which services you use and which providers you let access your information.
Sharing Data through Open Banking
Sharing data is completely your choice. If you decide to stop sharing data, we won’t send any more data to the TPP. However, the data we have shared while you did give your permission may still be stored by the third party – you should contact them to understand what they will use it for.
If a registered third party is using Open Banking to access your GIB data, they’ll always tell you what data they need, why they need it, and will ask you to give your permission. They then pass you on to us, either via our app or Online Banking, where we detail their request and ask you to confirm your permission. Once you’ve given your permission, we share that data with the third party on your behalf.
When using Open Banking
- You’ll never be asked to share your log-in details
- You’ll always be asked initially to give your permission through Online Banking or our app
- You can manage your connections either through a TPP or us
- Financial Information Aggregation: Collects information from different financial institutions and shares it with interested parties through a single application.
- Digital Payments: Facilitates financial transactions between payment accounts through internet and mobile communication channels.
- Buy Now – Pay Later: Provides customers with pre-determined credit to make purchases and pay in instalments.
- Consumable Micro-Lending: Provides instant lending of small amounts.
- Digital Saving Solutions: Offers alternative digital money-saving accounts.
- Debt Crowdfunding Platform: Collects funds through debt instruments issued by small and medium-sized enterprises.
Benefits of Open Banking
Need More Information?
We are available from Sunday to Thursday from 8:00 AM to 4:30 PM
For out of hours support please contact us via email at [email protected] or call us on 8001166336
Planned and Unplanned Downtime
TPPs can check back here on the status of any planned or unplanned downtime