What is Open Banking?

Open banking is a way for financial lenders to securely access applicants' financial data from financial institutions to help make responsible lending decisions.

Open banking is done via secure Application Programming Interfaces (APIs), and you access services in the same way as your online banking and other online services and apps.

With open banking, you’re never asked to share security details. You’ll be asked to authenticate your details using a combination of a password or PIN, fingerprint or facial recognition, and a mobile phone message or card-reader.

For more information on Open Banking you can read this Money Saving Expert Guide.