What is Open Banking, and how does it work?

Open Banking was introduced in the UK in January 2018.

It’s designed to:

  • let you compare and apply for new products and services;
  • help you control how you manage, move and make more of your money;
  • give you a secure way to use financial products and services.

To use Open Banking, you’ll need to be registered for eBanking or Business eBanking. If you aren’t yet registered, you can register for eBanking here. To register for Business eBanking please call us on 0345 600 2882.

Good to know

  • What is a TPP?

    What is a TPP?

    You’ll hear the abbreviation ‘TPP’ used a lot when we’re talking about Open Banking.

    Third party providers or TPPs are regulated companies that offer services through Open Banking.

    There are two types:

    • Those that show you a combined view of all your accounts with different banks or building societies in one place. They may also offer things like budgeting or accounting tools or product comparisons. These are known as Account Information Service Providers or AISPs.
    • Those that can send online payments directly from your accounts on your behalf. These are known as Payment Initiation Service Providers or PISPs.

    You don’t have to use a TPP’s services if you don’t want to – your financial information belongs to you and it’s your choice how you use it.

  • Sharing your account information

    Sharing your account information

    You can choose to share your some or all of your account information with regulated TPPs that are enrolled in the Open Banking Directory.

    This could be:

    • your account name, account number and balance;
    • details of your standing orders or Direct Debits;
    • account transactions;
    • features and benefits, such as the type of account you have and fees you pay.

    You can stop sharing your information at any time using eBanking or Business eBanking.

    TPPs are responsible (and accountable) for how they use your data and how they make payments on your behalf. They can only do this with your permission.

  • Making payments

    Making payments

    Open Banking lets you make a payment directly from your bank account, for example when you’re buying something through a third party app or website.

    • You can choose to pay straight from your bank account instead of providing your card details.
    • Only a regulated TPP enrolled in Open Banking can give you this option and you must give them your consent.
    • You’ll enter your online banking logon details on a secure Danske Bank webpage so that we can be sure it’s you.
    • After you confirm the payment details, the TPP will make the payment directly from your account.
  • Want to know more?

    Want to know more?

    You can find out more about Open Banking at www.openbanking.org.uk, or read some of our FAQs below.

You’re in control

Open Banking uses secure technology to share your account information and to make payments. There are legislation and industry standards that TPPs have to comply with to keep you protected.

  • Only you can decide whether to use the services of a TPP or not and what information to share.
  • If you choose to do this, we will only provide the TPP with the information you’ve agreed to share with them.
  • You can stop sharing your data with a TPP whenever you want using eBanking or Business eBanking

faqs

  • Which Danske accounts can I use with Open Banking?

    At the moment, all our personal and business current accounts work with Open Banking. In the future, you’ll also be able to use Open Banking for other payment accounts such as online savings accounts. We’ll keep you updated on this page.

  • What account information can I choose to share with an AISP?

    The account information an AISP may ask you to share with them will vary depending on the services they offer. It’s up to you whether you agree to this or not. We only share the information you have agreed to share, such as:

    Your account details

    • Your account name, number and sort code
    • Your account balance

    Your regular payments

    • Details of payee agreements you have set up
    • Details of your standing orders
    • Your direct debits

    Your account transactions

    • Details of your incoming transactions
    • Details of your outgoing transactions

    Your account features and benefits

    • The type of account you have
    • The fees, charges and interest you pay
    • The benefits, services and interest your account offers
  • Is it safe to use a TPP?

    Yes. TPPs that are authorised and regulated by the FCA or another European regulator must:

    • make sure that your personalised security credentials (your online banking logon details) aren’t accessible to other parties and are transmitted securely;
    • obtain your explicit consent before providing their services;
    • have complaint handling procedures;
    • comply with various other regulatory requirements;
    • not store sensitive payment data or ask you for it if they don’t need it;
    • not request more information than they need to provide you with their services;
    • not change a payment instruction you give.

    Before using the services of a TPP, you should check that it is authorised and regulated by the FCA or another European regulator. You can check this on the FCA’s register.

  • Do all TPPs use Open Banking?

    No, some companies work outside of Open Banking and may ask you to share your online banking logon details with them – this is known as screen-scraping. This means that the company will be able to see everything you can see when accessing your account online and can do everything you can do when online.

    Before sharing your logon details with a company you should make sure you understand what services the company is providing and that it is authorised and regulated.

  • What are the differences between Open Banking and screen-scraping?

    With Open Banking:

    • you’ll never be asked to share your online banking logon details with the TPP;
    • you’ll always be asked to enter your logon details on a secure Danske Bank webpage;
    • you choose what information you want to share with the TPP;
    • you can cancel your consent at any time either with the TPP, or with us, through eBanking or Business eBanking.

    If you share your logon details directly with a company:

    • you will be asked to share your online banking logon details;
    • the company will be able to see all your information and do anything you can do;
    • you’ll only be able to cancel your consent by contacting the company or changing your logon details;
    • the company is effectively logging on as you, so we can’t identify this activity.
  • I am a personal customer and have authorised another person to operate my account for me. Can they use the services of a TPP?

    Yes, if you have granted another person (known as an Authorised User) the authority to operate your account, then they can also choose to use the services of a TPP using Open Banking.

    Authorised users will automatically be able to access the services of companies who use screen-scraping.

    If you wish to stop this access you will need to review the permissions that you have given to these users. You can do this by contacting us on 0345 600 2882.

  • I am a business customer, are my Authorised Users able to use the services of a TPP?

    At the moment to use the services of a TPP through Open Banking, your Authorised Users must have a separate mandate to operate your accounts. This means that only payments that don’t need to be authorised by another user can be made through a PISP.

    Open Banking will continue to enhance the services available to you when using TPPs including being able to make payments that require authorisation by more than one person.

    We’ll keep you updated on this page.

    Please note that any Authorised Users can access your accounts using a TPP which uses screen-scraping – without the need for your consent. So you might want to review the permissions you’ve provided to your Authorised Users and contact us if you want to change the authority that you’ve given anyone.

  • Can I see which TPPs I have given my consent to?

    Yes, you can do this at any time through eBanking and Business eBanking, but you won’t be able to see or manage any screen-scraping companies you have shared your logon details with.

    If you cancel a consent you have previously given a TPP, then we won’t allow them to access your account in future (unless you give them your consent again). This won’t change any permission to make a payment or share your account information that has already taken place.

  • If I use a TPP to buy goods or services will I have the same consumer protection as when I pay by card?

    No: if you are making a payment using the services of a TPP then you use the account to which your card is linked, rather than the card itself. So the card scheme rules don’t apply.

  • What can I do to protect myself against fraud?

    With Open Banking you may find that you’re offered more financial services than before, to give you more control over your money and help you compare products. To use these services you’ll be asked to give your consent to your bank or another provider to access your account information or make payments on your behalf.

    With Open Banking, you don’t share your online banking logon details and we only share your information using secure channels.

    Other companies may ask you to share your online banking logon details by giving your consent to them.

    However you choose to share your account information, you should protect yourself:

    • Make sure you are confident the company is who it claims to be.
    • Don’t give out your personal or financial details unless it is to use a service you have signed up to and you’re sure that the request for your information is related to that service.
    • If you share your account information with another company, it is their responsibility to protect it. Make sure you understand how they plan to use it and how long they will hold it for.
    • If you don’t know who you are talking to, or you have reason to suspect they aren’t who they claim to be, don’t disclose your online banking logon details, or other personal and financial information.

    Remember – a genuine bank or company will never contact you out of the blue to ask for your PIN, password or to move money to another account. Fraudsters will often try to impersonate somebody you trust, so it’s important to understand the difference between a legitimate request to share your account information for a service you’ve chosen to use and an unexpected request.

    Learn how to keep it safe, or for more information on how to protect yourself against fraud visit:

  • What should I do if my details have been lost, stolen or compromised?

    If your online banking logon details have been lost, stolen, or in the hands of someone you haven’t authorised, please contact us immediately by calling: