Open Banking - Union Bancaire Privée (UK) Limited
What is Open Banking?
Open Banking is an initiative by regulators and the banking industry designed to increase competition and promote innovation. Open Banking enables you to securely share your current account data with authorised third-party providers. Those providers can then offer you innovative products and services that make it easier for you to manage your financial life from one place. They can also offer you services which may reduce the cost of some of the financial products you use.
You’re in control and you choose which services you use, and which providers you let access your information. You even decide for how long you’d like them to access your data.
How does it work?
Open Banking relies on establishing a standard technology for data sharing between banks – an application programming interface, or API. An API is a piece of software that allows different programmes to communicate with each other. Open Banking requires banks to make standardised APIs available that will allow the sharing of account information and the transmission of payment instructions (if customers have given permission to do so).
Your financial information belongs to you
Open Banking is designed to put you in control of it.
Open Banking should give customers more control over their data, but it also raises questions about privacy and security. The regulations mean that any company with access to your data will now be responsible for ensuring it is processed, stored and transferred appropriately and securely.
You can help safeguard your data by making sure you only use firms regulated by the Financial Conduct Authority (FCA). It is also worth noting that your data cannot be accessed by any third-party providers unless you give them express permission to do so.
Remember, sharing data is completely your choice. If you decide to stop sharing data, we won’t send any more data to the authorised third-party provider. However, the data we shared while you had given your permission may still be stored by the third party; you should contact them to understand what they will use it for.
Third Party Providers (TPP)
Union Bancaire Privée (UK) Limited has a testing facility based on Open Banking standards available for FCA-authorised third-party providers.
You can review our test facility onboarding document here.
Performance & Availability Metrics
The links below provide quarterly summaries of performance & availability metrics for the Union Bancaire Privée (UK) Limited Open Banking service and our digital banking channels.