So-called Open Banking kicks off on Saturday in what amounts to a gigantic financial experiment in which Britain is leading the world. Under the scheme, 9 of the biggest lenders in the UK - Lloyds, RBS, Barclays, HSBC, Santander, Danske, Allied Irish Bank, Bank of Ireland and Nationwide Building Society - must open the information they hold on the transactions history of their customer, should that customer give their permission.
The reforms may not change much initially, but over a longer period they could transform the way we use financial services. It's being called a revolution in banking. So-called Open Banking kicks off on Saturday in what amounts to a gigantic financial experiment in which Britain is leading the world. Under the scheme, nine of the biggest lenders operating in the UK - Lloyds, RBS, Barclays, HSBC, Santander, Danske, Allied Irish Bank, the Bank of Ireland and the Nationwide Building Society - must open the information they hold on the transactions history of their customer, should that customer give their permission. That information is then made available to third parties who have signed up to the Open Banking register set up by the Financial Conduct Authority (FCA).
https://news.sky.com/story/open-banking-britains-gigantic-financial-experiment-11204816
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