Open Banking allows you to share your financial data with FCA regulated providers, and where available on the underlying accounts, can also be used to facilitate payments.
Open Banking was brought in to drive competition within Financial Services and to encourage innovation around provision of the services that support payment accounts.
No. Open Banking is an optional service, which requires proactive steps taken by customers to engage with an FCA registered third party, providing details of the account you hold with us to start the process.
Open Banking is an extension of the functionality offered by a Financial Institutions online platform, meaning that while all firms with an online offering are required to provide access to registered third parties that provide Account Information Service Providers (such as displaying your balance and transactions).
As BACB does not offer payment functionality via its online banking platform, we do not provide the functionality to facilitate payments via Payment Initiation Service Providers.
Within Open Banking there are three main roles that third party providers may undertake:
These designations are based on services provided and as such it is possible for firms to undertake any or all of the roles.
The FCA requires BACB to make available system availability data related to our Open Banking solution on or website:
All files in PDF format unless specified.
BACB is PSD2 Compliant - Open Banking functionality is available.
Third party providers are welcome to test developer portal functionality.
Portal available since October 2020.
