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Open Banking

So what is Open Banking?

The idea behind Open Banking is to open up possibilities for you, offering you easier access to different choices about how you bank.

It's designed to allow smaller and newer financial services providers to compete more easily with the bigger banks, and to encourage the bigger banks to continue to improve what they offer too.

You can now choose to share pieces of your first direct 1st Account information through Open Banking with other financial services providers. This could enable you to use different services, like seeing your accounts from different banks in one place or using price comparison sites to get a better idea of what current accounts might be best for you. You don't have to share any details through Open Banking if you don't want to. You're in control.

But if you do authorise your bank to share current account information via secure Open Banking, it could:

  • save you time when shopping around for financial services and other products, like utilities, with no need to enter information multiple times
  • use your data to ensure you receive more personal, more relevant quotes
  • allow you to manage many or all of your accounts using innovative money management tools; and as Open Banking develops, it could extend to other financial services like loans and credit cards
  • give you a new way to pay at online checkouts, straight from your bank account.

What changes will I see as a result of Open Banking?

As Open Banking starts to become more popular, you should see more and more companies giving you the option to share your Current Account information to help them provide their services. You'll also be able to make payments to online retailers directly from your accounts.

When you start to use these services with your first direct accounts, you can view who you have shared your information with via your Mobile Banking App. You can also revoke these authorisations if you don't want to share your information anymore.

Why is this good for you?

Because Open Banking is designed to give you greater control over your finances. For example, it could make it easier to compare and manage products. It means your financial services providers will need to work harder to offer competitive products, outstanding services and innovative tools to make sure you aren't tempted to leave.

All of which should help make Open Banking the best thing since sliced bread from a customer's point of view.

How are first direct bringing Open Banking to life?

As well as allowing you to authorise us to share transactional information with providers you want to share this with, we've also developed an aggregation app that we're trialling right now.

artha by first direct is designed to give both customers and non-customers an easy way to keep track of the money they have with selected providers - in one place. As more and more providers open up to Open Banking, you'll be able to let artha watch over what's yours.

We'll keep you posted here about how our trial of artha is going.

Acronym Buster

Application Programming Interface

An API is a parcel of programming instructions that allows separate systems to securely interact.

Financial Conduct Authority

The FCA is the independent body that regulates the UK’s financial services industry.

Competitions & Markets Authority

The CMA is the UK government department responsible for strengthening business competition.

Payment Services Directive 2

PSD2 is the piece of EU legislation that enables Open Banking.



Frequently Asked Questions

    Open all
  • How is 'Open Banking' different to how I bank at the moment?

  • What are the benefits?

  • What data could be shared?

  • Is Open Banking secure?

  • What is an API?

  • When will Open Banking be available?

  • What do I have to do to get started - do I need to register for Open Banking?

  • Why has Open Banking been introduced?

  • I don't want to share my data - how do I opt out of Open Banking?

  • I want to wait and see before I decide if want to join in - can I?

Any questions? We're here to help...

If you're a first direct customer with questions about Open Banking and how it will affect you, call us on 03 456 100 100 and we'll be happy to help.

Remember, you don't have to do anything if you don't want to - we'll never share your information with anyone without your permission.

If you're not a first direct customer and you'd like to be - find out more about switching to first direct here.

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