Open Banking

[XFool]

Something now rapidly approaching us over the horizon:

https://openbankproject.com
https://www.openbanking.org.uk/about/th ... n-banking/

What do people think? It is voluntary so you would need to opt in, my immediate instinct is not to.

[77ss]

Something now rapidly approaching us over the horizon:

https://openbankproject.com
https://www.openbanking.org.uk/about/th ... n-banking/

What do people think? It is voluntary so you would need to opt in, my immediate instinct is not to.

Instinctively, I wouldn't touch it with a bargepole!

More rationally, I note the phrase:

Open Banking enables personal customers and small businesses to share their data securely with other banks and with third parties


Oh yes? Securely? What planet does the CMA live on?

[Darka]

As a full time software engineer with an interest in security, no chance.

Open Banking is just like putting a target on your money and walking away from it, it could never be truly secure.

[panamagold]

Although non resident I still hold numerous UK bank a/cs.

A couple of weeks ago Barclays emailed informing me of new terms and conditions ( I was a transfered into Barclays when they bought out ING) and also that well used and over done phrase 'new initiatives'

Needles to say, having read the summary of the the new t & cs along with the Open Banking spiel I allowed myself a hearty guffaw and promptly binned it.

[stevensfo]

A couple of weeks ago Barclays emailed informing me of new terms and conditions ( I was a transfered into Barclays when they bought out ING) and also that well used and over done phrase 'new initiatives'

They bought the Dutch bank ING? Just the UK franchise or the whole bank?

Just asking cos here in Italy, the ING bank seems to have gone completely crazy. I closed my account about 4 years ago when the italian government introduced a 32 euro tax on all savings accounts. (Yes, no joke!) Then I tried to open an account when the government dropped the tax.

Talk about Mr Bean!! I gave up! I gave them the documents and received an email saying that they were not acceptable, but no explanation why.

Have since got a better account with Fineco, but it's part of Unicredit, so will not keep more than 25p in it.


Steve

[Maroochydore]

They bought the Dutch bank ING? Just the UK franchise or the whole bank?

I have an ING account in Australia and it's still owned by ING according to the log-in page: ING Bank is an Australian direct bank which is owned by the multinational Dutch bank established in 1999 with head offices in Sydney, Australia.

[mike]

Just had an e-mail from RBS with this applying from 13 Jan 2018

1. With your permission, third party providers (TPPs) can access your information to provide their services

• New digital banking services are entering the market offered by us and TPPs. These will include new ways to pay for things online and tools that allow you to view all your accounts with different financial providers in one place. Before giving a TPP permission to access your account information you may wish to check that they're authorised by the Financial Conduct Authority (FCA) to provide their service.

• Some TPPs might ask you for your digital banking log in details and password to provide their service to you. If you decide to give them this information, this means that they'll be able to see and do anything you can on your accounts.

• If you give TPPs permission to access your accounts and account information, we're not responsible for what they may do.

Will anyone give permission, or am I missing something here ?

[Maroochydore]

Just had an e-mail from RBS with this applying from 13 Jan 2018

1. With your permission, third party providers (TPPs) can access your information to provide their services

• New digital banking services are entering the market offered by us and TPPs. These will include new ways to pay for things online and tools that allow you to view all your accounts with different financial providers in one place. Before giving a TPP permission to access your account information you may wish to check that they're authorised by the Financial Conduct Authority (FCA) to provide their service.

• Some TPPs might ask you for your digital banking log in details and password to provide their service to you. If you decide to give them this information, this means that they'll be able to see and do anything you can on your accounts.

• If you give TPPs permission to access your accounts and account information, we're not responsible for what they may do.

Will anyone give permission, or am I missing something here ?

Is this a genuine e-mail? I can't believe a bank would suggest making your login and password available to anyone.

[mike]

Is this a genuine e-mail? I can't believe a bank would suggest making your login and password available to anyone.

It looked genuine to me, and had the 2nd part of my post code as their "It's a genuine e-mail from us" indicator.

That's why I feel I must be missing something. I just can't believe, after all this time of being told never to write passwords down, all passwords to be different etc etc, they want us to give permission to others to access our accounts.

[swill453]

I had notice from my bank (First Direct) of some changes coming in. It doesn't specifically mention giving away log in details, but does say "you’ll be able to use ‘Third Party Providers’ (through an App or other online service) to make payments from your account(s)
...
Before you give a Third Party Provider access to your account, it’s important you check the information they give you to make sure they’re authorised by law."

Scott.

[Alaric]

Before you give a Third Party Provider access to your account, it’s important you check the information they give you to make sure they’re authorised by law."

At a pinch, you might give them read only access. That's if they were offering some form of consolidated financial report. Why would you ever give them write access?

I doubt I would conflate "authorised" with "honest".

Where does this initiative come from? Is it something the British banks or the FCA have concocted or is there an EU hand in the background?

[Alaric]

That's why I feel I must be missing something.

I suspect you aren't. The question is as to who or what is inflicting this collective madness on UK banking.

[PeterGray]

At a pinch, you might give them read only access. That's if they were offering some form of consolidated financial report. Why would you ever give them write access?

Presumably the situations where you might consider giving login details to a 3rd party provider would be akin to signing up for Apple Pay? Where you pass over your debit card details to allow them to manage payments you make through them, or letting Amazon store your CC details? Something you should certainly do with caution (if at all), but circumstances are not completely inconceivable.

Peter

[Alaric]

Presumably the situations where you might consider giving login details to a 3rd party provider would be akin to signing up for Apple Pay? Where you pass over your debit card details to allow them to manage payments you make through them, or letting Amazon store your CC details?

These are long standing uses of bank and card details and the recipient is limited as to what they can do with the data and for that matter are subject to well established standards as to record keeping and refunds if something goes wrong.

What the Banks now seem to be saying is that these third parties might have unrestricted access and be able to do anything that you would be able to do online. That might include setting up a new payee and transferring money to it.

[swill453]

A lot of online banking functions need two-factor authentication these days. How's that going to work in this new "open" environment?

Scott.

[PeterGray]

What the Banks now seem to be saying is that these third parties might have unrestricted access and be able to do anything that you would be able to do online. That might include setting up a new payee and transferring money to it.

I don't see that being what's going to happen. The message quoted is a piece of generality, and an attempt at back covering. Presumably there will be specific services offered which need specified access, and which are going to be have some controls and guarantees attached. If not no one in their right mind is going to authorise them or use them, and the banks stand to get sued from here into the next century what ever loose and general warning notices they issue.

Until someone offers something concrete it's impossible to say if it's a good/bad or just stupid idea.

Peter

[BBLSP1]

NatWest just contacted me by email with the same information on TPPs - Give them your details and password and then the TPP can do anything you can with the account and NatWest will not take responsibility for anything that might happen.

Some TPPs might ask you for your digital banking log in details and password to provide their service to you. If you decide to give them this information, this means that they'll be able to see and do anything you can on your accounts.

If you give TPPs permission to access your accounts and account information, we're not responsible for what they may do

Now the TPP organisation will no doubt have all sorts of security and protocols in place to prevent them being hacked from an external source. However, somewhere along the line individual employees of the TPP will have access to this information which could then be passed on to their mate down the pub.

Madness.

[Urbandreamer]

At a pinch, you might give them read only access. That's if they were offering some form of consolidated financial report. Why would you ever give them write access?

While I won't be subscribing to such a service, as I understand it the idea is that it would enable a app to schedual automatic transferes to savings.

Ie transfer any funds over a given limit to my savings account on the day that I get paid.

The argument is that then even small amounts could/would lead to people being wealthier due to the effect of compound interest on regualr small ammounts.

Personally I feel that the risks outwiegh the advantages.

[UncleEbenezer]

Is this a genuine e-mail? I can't believe a bank would suggest making your login and password available to anyone.

The bank seems to me to be doing the opposite. The email reads to me like You may be offered such services, but we wash our hands of what may happen if you sign up to them.

Can't see myself subscribing. But then, I'm one of those fuddy-duddies who won't let stores like Apple or Android hold my card details, and only ever reluctantly sign up to direct debits. If TPTB want this to happen, I expect we might see something akin to the direct debit guarantee.

[Alaric]

Ie transfer any funds over a given limit to my savings account on the day that I get paid.

..

Personally I feel that the risks outwiegh the advantages.

It's not even new. In the context of electronic banking within the same Bank, it's a service that's been available for years.

There's far too much to go wrong if a third party is driving the transfer and no clear responsibility of fault if something does go awry.

Whilst still searching for the answer as to whose bright idea this was, I came up with this.
https://www.paymentsforum.uk/sites/defa ... Report.pdf

What a surprise, it's you know who.

The European Union is rapidly advancing legislation that will, upon implementation in the next two years, require UK banks (subject to consent from individuals and businesses) to open access to their customer data and payments capabilities.