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Open Banking

Open Banking can give you a clear view of your spending habits and commitments, helping you to stay in control of your finances.

Open Banking can give you a clear view of your spending habits and commitments, helping you to stay in control of your finances.

Open Banking can give you a clear view of your spending habits and commitments, helping you to stay in control of your finances.

Open Banking can give you a clear view of your spending habits and commitments, helping you to stay in control of your finances.

Open Banking can give you a clear view of your spending habits and commitments, helping you to stay in control of your finances.

What is Open Banking?

Open Banking is a secure way for you to share your bank transaction data with authorised service providers, such as other banks, budgeting apps and websites, including Compare the Market.

It’s designed to put you in control of your data and make it easier for you to keep on top of your bills and regular payments. And it can help you to better understand your spending and potential saving opportunities.

You can check if a service provider is authorised by looking on the FCA Register or the Open Banking Directory. These companies can then analyse your regular payments and show you where you could be making savings.

Is Open Banking safe?

Open Banking is very secure and uses bank-level security, which has been rigorously tested. This means that your significant personal data is encrypted with the same standard of technology that banks use. You, as the customer and owner of your data, are the only person who can authorise the sharing of your data between your bank and a service provider. Also, you don’t share your bank login details.

All authorised providers have to comply with data protection rules, including GDPR (General Data Protection Regulation). Before you sign up, the authorised provider should tell you exactly what data it’s going to use, how long for and how it will use it.

How does Open Banking work?

To use an Open Banking service, you’ll need to give your consent for a service provider to access your transaction data. While the provider will be able to view your bank transaction data and make recommendations to help you save money, they can’t move any money, make payments or perform any other action on your account. And you can withdraw permissions and stop the service provider from accessing your data at any time.

What are the benefits of Open Banking?

Open Banking is designed to increase competition and innovation within financial services, which will lead to better products becoming available to help you manage your money.

By signing up to Open Banking and using the regulated services and products, you could gain a better overview of your spending habits and your regular payments, giving you a better idea of where you could be saving money.
Open Banking can potentially simplify your banking experience, by providing you with:

  • Informed analysis: See all your bills in one place for an overview of all your spending.
  • Monitoring and simplification: Providing a tool to help give you better control of your household bills.
  • Informed choice: Provides you with comparison of deals from different providers, to potentially help you save money.

Frequently asked questions

Who can I share my data with

It’s important that you only share your data with an authorised company. Authorised companies are regulated by the Financial Conduct Authority (FCA) or another European regulator, and will appear on the FCA Register or the Open Banking Directory. You should also be able to check a company’s website or app to see if they’re authorised, and they should display their FCA reference number.

What happens if I experience fraud?

If you see a payment from your account that you didn't authorise, you should contact your bank or building society as soon as you notice. Your bank will consider whether you have been ‘grossly negligent’ when determining whether to refund the money to you. The Financial Conduct Authority defines gross negligence as demonstrating a ‘very significant degree of carelessness’.

Can I opt out of Open Banking?

You don’t need to opt out. In order for any third party to access your data, you’ll have to opt in.

Banks have to allow your data to be shared, but only if you give permission to the new provider. Even after you’ve given them permission, you can withdraw your permission at any time.

To withdraw permission, go to the regulated app or website and withdraw your consent directly with them. Or contact your bank to let them know you no longer want the provider to have access to your information.

Is Open Banking free?

Opting to share your financial data with third parties is free, but some apps and websites may choose to charge you for their specific products and services.

Compare the Market’s Bills Checker

Open Banking and comparison go hand in hand, which is why we’ve launched our own bill manager service, to help save you money and find better deals. With our Bills Checker service, you can:

  • Manage multiple current accounts and credit cards all in one place
  • Keep track of all your transaction data
  • See all recurring bills and subscriptions
  • Identify changes in bills with the ability to compare options from different providers for a better deal.

How to get started with Bills Checker

Step 1: Make sure you’re registered for online banking.

Step 2: Download the Meerkat app and go to ‘Your Bills’. Click to add an account to activate Open Banking. We’ll ask your permission to request your data.

Step 3: Once your bank has run the necessary security checks, you’ll be all set up and ready to go.

Download the Meerkat app now and go to ‘Your Bills’ to start saving money on your regular payments.

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