{"id":1025,"date":"2025-04-29T08:28:36","date_gmt":"2025-04-29T08:28:36","guid":{"rendered":"https:\/\/www.drafty.co.uk\/blog\/?p=1025"},"modified":"2025-04-29T08:28:39","modified_gmt":"2025-04-29T08:28:39","slug":"open-banking","status":"publish","type":"post","link":"https:\/\/www.drafty.co.uk\/blog\/open-banking\/","title":{"rendered":"What is Open Banking And How Does it Work?"},"content":{"rendered":"\n<p>Ready to see the future of banking? Open banking is changing how we handle our money.<\/p>\n\n\n\n<p>It&#8217;s not just a fancy term. Open banking gives you more control over your money. It helps you shape your financial future. Let&#8217;s see how open banking works and how it can help you.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#what_is_open_banking\" >What is Open Banking?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#how_does_open_banking_work\" >How Does Open Banking Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#advantages_of_open_banking_for_consumers\" >Advantages of Open Banking for Consumers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#enhanced_customer_experience\" >Enhanced Customer Experience<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#improved_security\" >Improved Security<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#reduced_service_costs\" >Reduced Service Costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#centralised_information\" >Centralised Information<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#innovative_solutions\" >Innovative Solutions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#sharing_financial_data_securely\" >Sharing Financial Data Securely<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#personalised_financial_services\" >Personalised Financial Services<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#reasons_you_can_trust_open_banking\" >Reasons You Can Trust Open Banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#open_banking_regulations_in_the_uk\" >Open Banking Regulations in the UK<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#choosing_the_right_open_banking_provider\" >Choosing the Right Open Banking Provider<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#frequently_asked_questions\" >Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#how_does_open_banking_work_in_the_uk\" >How does open banking work in the UK?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#what_is_a_simple_example_of_open_banking\" >What is a simple example of open banking?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#is_open_banking_safe\" >Is open banking safe?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#can_i_use_open_banking_with_all_banks\" >Can I use open banking with all banks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.drafty.co.uk\/blog\/open-banking\/#how_do_i_start_using_open_banking\" >How do I start using open banking?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what_is_open_banking\"><\/span><strong>What is Open Banking?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>What is open banking? It lets you share your financial data safely with trusted companies. This is your data, after all. You can share your data with apps and websites you trust in the UK.<\/p>\n\n\n\n<p><strong>Open banking uses safe tech called APIs.<\/strong> These link different money services. This helps you manage your money better. It links your bank account and lets you see your data from many banks.<\/p>\n\n\n\n<p>The UK banking industry follows set rules. These come from Open Banking Limited. The Competition and Markets Authority ordered these rules. Open banking services help you find money products that fit what you need.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"how_does_open_banking_work\"><\/span><strong>How Does Open Banking Work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Open banking works through safe links between your bank and other financial service providers. <strong>Here&#8217;s how banking work happens:<\/strong><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>You give your OK to a service you trust<\/li>\n\n\n\n<li>This service links to your bank account through open banking APIs<\/li>\n\n\n\n<li>Your bank shares your account data and customer data safely<\/li>\n\n\n\n<li>The service uses this info to help you manage your money<\/li>\n<\/ol>\n\n\n\n<p>For example, you might use an online banking app that shows all your accounts from different banks in one place. Or you might find a better deal on savings accounts and manage direct debits.<\/p>\n\n\n\n<p>You are always in charge. Only you decide who can share your data. You can also stop access at any time and enjoy safe access to your financial accounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"advantages_of_open_banking_for_consumers\"><\/span><strong>Advantages of Open Banking for Consumers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"532\" height=\"399\" src=\"https:\/\/www.drafty.co.uk\/blog\/wp-content\/uploads\/2023\/11\/Advantages-of-Open-Banking-for-Consumers.jpg\" alt=\"Advantages of Open Banking for Consumers\" class=\"wp-image-1026\" srcset=\"https:\/\/www.drafty.co.uk\/blog\/wp-content\/uploads\/2023\/11\/Advantages-of-Open-Banking-for-Consumers.jpg 532w, https:\/\/www.drafty.co.uk\/blog\/wp-content\/uploads\/2023\/11\/Advantages-of-Open-Banking-for-Consumers-300x225.jpg 300w, https:\/\/www.drafty.co.uk\/blog\/wp-content\/uploads\/2023\/11\/Advantages-of-Open-Banking-for-Consumers-80x60.jpg 80w, https:\/\/www.drafty.co.uk\/blog\/wp-content\/uploads\/2023\/11\/Advantages-of-Open-Banking-for-Consumers-265x198.jpg 265w\" sizes=\"auto, (max-width: 532px) 100vw, 532px\" \/><\/figure>\n\n\n\n<p>Open banking offers many benefits for people in the UK. Here&#8217;s how it can help you:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"enhanced_customer_experience\"><\/span><strong>Enhanced Customer Experience<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Open banking puts you at the center of your money world:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>See all accounts in one place:<\/strong> View multiple bank accounts in a single banking app or website<\/li>\n\n\n\n<li><strong>Get updates right away:<\/strong> Check your current account data, spending history, and balances instantly<\/li>\n\n\n\n<li><strong>Get advice just for you:<\/strong> Get tips based on how you spend and save<\/li>\n<\/ul>\n\n\n\n<p>No more jumping between many banking apps and websites. You can handle everything in one spot. This saves time. It helps you track your money with better tools. You get access to new account services too.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"improved_security\"><\/span><strong>Improved Security<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Though you share data, open banking actually makes things safer:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>You control your data:<\/strong> Nothing is shared unless you say it&#8217;s OK<\/li>\n\n\n\n<li><strong>Keep passwords private:<\/strong> You don&#8217;t give your bank login details to third-party providers<\/li>\n\n\n\n<li><strong>Strong protection:<\/strong> Your financial data and banking data is kept safe when it moves<\/li>\n\n\n\n<li><strong>Checked providers:<\/strong> Only companies checked by money authorities can offer open banking services<\/li>\n<\/ul>\n\n\n\n<p>Open banking is often safer than old ways to share money info. Only checked and approved firms can see your accounts. This gives you peace of mind.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"reduced_service_costs\"><\/span><strong>Reduced Service Costs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Open banking creates more choices, which can save you money:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Better deals:<\/strong> Regular banks and building societies now compete with new financial services<\/li>\n\n\n\n<li><strong>Lower fees:<\/strong> More choices often mean better rates and lower charges<\/li>\n\n\n\n<li><strong>Find better value:<\/strong> Easily compare financial products across different money firms<\/li>\n<\/ul>\n\n\n\n<p>You might find cheaper ways to handle your money, send payments abroad, or borrow what you need. This helps both regular folks and business customers looking for added value.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"centralised_information\"><\/span><strong>Centralised Information<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Open banking makes it easier to see and manage your money:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>All accounts in one view:<\/strong> See your current account, savings accounts, <strong><a href=\"https:\/\/www.drafty.co.uk\/blog\/how-do-credit-cards-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">credit cards<\/a><\/strong>, and <strong><a href=\"https:\/\/www.drafty.co.uk\/loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">loans<\/a><\/strong> together<\/li>\n\n\n\n<li><strong>Track spending:<\/strong> Watch incoming and outgoing payments across all your accounts<\/li>\n\n\n\n<li><strong>Easy payments:<\/strong> Make bill payments from different accounts without switching apps<\/li>\n\n\n\n<li><strong>Tax help:<\/strong> Some services can help with tax bills by gathering all your money info<\/li>\n<\/ul>\n\n\n\n<p>This helps you make better money choices. You see all your accounts at once. You can track your cash at all your banks and building societies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"innovative_solutions\"><\/span><strong>Innovative Solutions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Open banking has created new money services that weren&#8217;t possible before:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Smart budgeting apps:<\/strong> Get insights into your spending habits across all accounts<\/li>\n\n\n\n<li><strong>Auto-saving:<\/strong> Apps that move small amounts to savings based on your spending<\/li>\n\n\n\n<li><strong>Quick credit checks:<\/strong> Lenders can check if you qualify faster with your OK<\/li>\n\n\n\n<li><strong>Easy payments:<\/strong> Pay directly from your account on online retailers without typing card details<\/li>\n<\/ul>\n\n\n\n<p>These fresh services keep growing as more providers enter the market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"sharing_financial_data_securely\"><\/span><strong>Sharing Financial Data Securely<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"532\" height=\"399\" src=\"https:\/\/www.drafty.co.uk\/blog\/wp-content\/uploads\/2023\/11\/Sharing-Financial-Data-Securely-with-Third-Party-Providers.jpg\" alt=\"Sharing Financial Data Securely with Third-Party Providers\" class=\"wp-image-1027\" srcset=\"https:\/\/www.drafty.co.uk\/blog\/wp-content\/uploads\/2023\/11\/Sharing-Financial-Data-Securely-with-Third-Party-Providers.jpg 532w, https:\/\/www.drafty.co.uk\/blog\/wp-content\/uploads\/2023\/11\/Sharing-Financial-Data-Securely-with-Third-Party-Providers-300x225.jpg 300w, https:\/\/www.drafty.co.uk\/blog\/wp-content\/uploads\/2023\/11\/Sharing-Financial-Data-Securely-with-Third-Party-Providers-80x60.jpg 80w, https:\/\/www.drafty.co.uk\/blog\/wp-content\/uploads\/2023\/11\/Sharing-Financial-Data-Securely-with-Third-Party-Providers-265x198.jpg 265w\" sizes=\"auto, (max-width: 532px) 100vw, 532px\" \/><\/figure>\n\n\n\n<p>Open banking lets you share your money data safely. You can share with budget apps. Or with money tools. Or with finance experts.<\/p>\n\n\n\n<p>Your data moves only when you say yes. You pick what to share. You choose who sees it. Safe open banking APIs make this link. You never share your login details.<\/p>\n\n\n\n<p>Approved third-party providers must follow strict data rules. They can only use your data for what you&#8217;ve agreed to. This gives you access to your data while keeping it safe.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"personalised_financial_services\"><\/span><strong>Personalised Financial Services<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>With access to your banking data, third party apps can offer services just for you:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Custom budgeting advice based on how you really spend<\/li>\n\n\n\n<li>Financial product tips that fit your money situation<\/li>\n\n\n\n<li>Investment plans that match your goals and risk comfort<\/li>\n\n\n\n<li>Auto money management that works with your income and spending<\/li>\n<\/ul>\n\n\n\n<p>These personal services can help you make smarter money choices. Open banking providers can create helpful services using your current account data to help you better manage your money.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"reasons_you_can_trust_open_banking\"><\/span><strong>Reasons You Can Trust Open Banking<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here&#8217;s why you can feel good about using open banking:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>You&#8217;re always in charge:<\/strong> Nothing happens without your OK, and you can stop third party access anytime<\/li>\n\n\n\n<li><strong>Strong rules:<\/strong> The Financial Conduct Authority (FCA) watches over open banking providers<\/li>\n\n\n\n<li><strong>Bank-level safety:<\/strong> Your data is protected with strong coding<\/li>\n\n\n\n<li><strong>Keep passwords private:<\/strong> You never share your bank login details with financial providers<\/li>\n\n\n\n<li><strong>Open Banking List:<\/strong> You can check if a provider is officially approved<\/li>\n<\/ol>\n\n\n\n<p>Open banking was built with safety as the top focus. The systems are often tested and updated to protect your data. Only you can decide which open banking provider gets safe access to your account info.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"open_banking_regulations_in_the_uk\"><\/span><strong>Open Banking Regulations in the UK<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Open banking in the UK came from EU rules. These are called the Second Payment Services Directive (PSD2). They set the legal rules for safe data sharing.<\/p>\n\n\n\n<p>In the UK, the FCA watches over open banking. They use the Payment Services Regulations. These rules keep open banking safe in all money sectors.<\/p>\n\n\n\n<p><strong>PSD2 gave customers two key rights:<\/strong><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Account Information Services:<\/strong> The power to share account data with approved providers<\/li>\n\n\n\n<li><strong>Payment Initiation Services:<\/strong> Letting providers make outgoing payments for you (with your OK)<\/li>\n<\/ol>\n\n\n\n<p>The open banking framework keeps growing, with plans to expand into other areas through open finance projects. This will create even more new financial services for people in the UK.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"choosing_the_right_open_banking_provider\"><\/span><strong>Choosing the Right Open Banking Provider<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When picking an open banking provider, think about these things:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Check they&#8217;re approved:<\/strong> Use the FCA list or Open Banking Directory<\/li>\n\n\n\n<li><strong>Read their privacy rules:<\/strong> Learn how they&#8217;ll use your data<\/li>\n\n\n\n<li><strong>Look at their safety steps:<\/strong> Look for strong data protection<\/li>\n\n\n\n<li><strong>See what others say:<\/strong> Check what other customers think of the service<\/li>\n\n\n\n<li><strong>Check the value:<\/strong> Make sure the service offers clear benefits<\/li>\n<\/ul>\n\n\n\n<p>Remember that different providers offer different services. Some focus on showing all accounts together, while others help with payments or money insights. Many open banking providers offer open banking services that can link to the open banking portal of regular banks and building societies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"frequently_asked_questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1745915255360\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"how_does_open_banking_work_in_the_uk\"><\/span><strong>How does open banking work in the UK?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Open banking in the UK offers a safe way to access your financial data. It uses standard APIs to share info between banks and approved third-party providers. You always give your OK before any sharing happens. You can stop this access at any time. Only you can decide which services see your customer data.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1745915259655\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what_is_a_simple_example_of_open_banking\"><\/span><strong>What is a simple example of open banking?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>A good example is an app that shows all your bank accounts in one place. You let the app see your data through the open banking portal. Then it shows all your money and what you&#8217;ve spent. You see all your cash without logging into many apps. No need to check many websites from other money services.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1745915266046\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"is_open_banking_safe\"><\/span><strong>Is open banking safe?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p><strong>Yes, open banking is built to be secure.<\/strong> You never share your login details with outside companies. Instead, you give permission through your bank&#8217;s secure page. Only approved providers can use open banking APIs. They must follow strict safety rules. You&#8217;re also protected by data laws when you share your data.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1745915275887\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"can_i_use_open_banking_with_all_banks\"><\/span><strong>Can I use open banking with all banks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Most big UK banks work with open banking. This means old banks and new digital ones. More money firms join all the time. Open finance plans will grow these tools beyond just banking.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1745915283119\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"how_do_i_start_using_open_banking\"><\/span><strong>How do I start using open banking?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>To start with open banking, sign up with a service that has these tools. Try a budget app. Or a money tool. Or even ask your own bank. When you first link your accounts, you&#8217;ll see your bank&#8217;s safe page. There you say yes through the open banking APIs.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<p><strong>Disclaimer:<\/strong> The information given above is provided for reference only. This is not financial advice.<\/p>\n\n\n\n<p><strong>Related guides:<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.drafty.co.uk\/blog\/why-cant-i-get-a-loan\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why Can\u2019t I Get a Loan<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.drafty.co.uk\/blog\/how-does-an-overdraft-affect-your-credit-score\/\" target=\"_blank\" rel=\"noreferrer noopener\">How Does An Overdraft Affect Your Credit Score<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ready to see the future of banking? Open banking is changing how we handle our money. It&#8217;s not just a fancy term. Open banking gives you more control over your money. It helps you shape your financial future. Let&#8217;s see how open banking works and how it can help you. What is Open Banking? What [&hellip;]<\/p>\n","protected":false},"author":47,"featured_media":1028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-1025","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-research"},"_links":{"self":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1025"}],"version-history":[{"count":2,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1025\/revisions"}],"predecessor-version":[{"id":1234,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1025\/revisions\/1234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/media\/1028"}],"wp:attachment":[{"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.drafty.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}