Open Banking
Open Banking is a UK Government initiative designed to allow you greater control of how you manage your bank accounts when they are held with separate institutions by making it possible to securely share information or make payments using Third Party Providers (TPPs).
The Open Banking initiative is being led by the UK’s Competition and Markets Authority (CMA) in collaboration with banks, online retailers and fintech providers. For more information refer to the Open Banking Website
How it Works
Open Banking lets you share your current account balance and transaction data with third parties that are listed as an approved ‘Account Information Service Provider’ (AISP) on the Open Banking Directory.
Open Banking also lets you initiate payment requests with third parties that are listed as an approved ‘Payment Initiation Service Provider’ (PISP) on the Open Banking Directory.
All TPPs that access your information must comply with data protection laws and must be registered with and/or authorised by the Financial Conduct Authority (FCA).
Only you can share your data or make a payment using a third party. You can choose how long you want to share your data and can stop sharing your data at any time by contacting us or the third party and revoking consent.
Consent is required for each payment at the time the payment request is made.
Setting up Open Banking
In order to utilize Open Banking facilities with a Third Party Provider (TPP) you must first be registered on our Online Banking platform.
- For sharing account information, you must be registered with the ability to approve Open Banking Third Party Consent on our platform.
- For initiating payments, you must be registered with the ability to execute payments on our platform.
Open Banking Security
You are in control of the data that you choose to share via Open Banking. You can choose the accounts you wish to share, the authorised Third Party Provider (TPP) you wish to share with, and the type of information to be shared (eg. Balances, Transaction Data). You can also choose to give TPP permission to make payments on your behalf.
Once you have given and authorised consent to a TPP we will check the company against the approved TPP list held on the Open Banking Directory. If the company is not listed then we cannot deal with them.
When giving consent to an authorised TPP, there is no need for you to share your login details, PIN or passwords with the authorised TPP. These details should be kept secure at all times.
Before agreeing to share data with an authorised TPP, please ensure you read the TPP’s terms and conditions, and are clear on the access you are giving, how the information will be used and who it will be passed to.
Need more information?
Please contact your Relationship Manager who will be happy to help
Open Banking Developer Portal
The UMTB Open Banking Developer Portal can be used by Third Party Providers (TPP) to obtain information pertaining to the UMTB Open Banking API’s. This can be accessed via the link below:
