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.

Great Western Credit Union Ltd. Registered office: 2 York Court, Upper York Street, Bristol BS2 8QF. Registered No. 597C. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference No. 213583. We are members of the Financial Services Compensation Scheme and we subscribe to the Financial Ombudsman Service. Copyright © Great Western Credit Union. All rights reserved