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Open Banking

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Open Banking

Postby khkate » 29 Sep 2017 17:22

Hmm - just had some correspondence from our bank (Barclays) regarding the introduction of "open banking". Sounds horrendous and is due to be introduced by them in January 2018. Causing a lot of concern as to how it will operate. They say the safest way is to use an API (Application Programming Interface) and create a secure connection - so far, not too different from how things work now. However, then they mention
the alternative option is to share your bank account login details directly with any other company(s) you choose and they can then log into your bank account themselves as if they were you.
. That so sounds wrong to me and leaves one open for fraud - can this actually be legal?!

Then, just to top it off, the correspondence from the bank states
We hope you'll be happy with these changes. But if not, you can close your account at any time before 13th January 2018 without charge. If you choose not to do this, we assume you accept the changes!
. I'm not happy with the changes, but not sure that I want to have to close my bank account to do so - but it appears that is my only option.

Has anybody else heard of this - know what its about? Is it actually legal? Thoughts and comments would be appreciated.
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Open Banking

Postby Dave » 29 Sep 2017 18:02

I hadn't heard about Open Banking before, but I've read a few articles since your post. This is definitely something that seems to be coming - but as an option, which makes me wonder about the second quote. Banks seem to believe that uptake will be slow and cautious, and it makes little sense (to me) for Barclays to adopt that line. Was the "correspondence" an email? If so, it might be wise to phone the bank to find out if it's genuine...
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Re: Open Banking

Postby khkate » 29 Sep 2017 18:58

No, it was actually a letter from the bank. And there was one for each of us as we have a joint account. So now, I wonder what other banking institutions actions will be like.
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Re: Open Banking

Postby Camela » 29 Sep 2017 20:53

You see, I'd freak if I was told to use an API.....wouldn't have a clue what it is. I'm comfortable with online banking on my PC but point blank refuse to use any finance related apps on my smartphone. As an albeit fairly young pensioner, I do feel that technology discriminates against us. Rant over!!
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Open Banking

Postby Gillzajoker » 30 Sep 2017 10:59

Certainly agree with you there, Camela. Am happy to do banking on my desktop, but don't have, need, or want a smartphone!
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Re: Open Banking

Postby khkate » 30 Sep 2017 11:25

I don't have a smartphone - and don't particularly want one either. This API thingy I gather is an app you can download to view all your bank accounts in one place. Me, I would far rather stick to what I do at the moment, which like most is online banking via my PC and doing that via a secure log-in via either password or PIN sentry. As for allowing others access to do it for me, no way!
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Postby grannyM » 01 Oct 2017 10:58

the alternative option is to share your bank account login details directly with any other company(s) you choose and they can then log into your bank account themselves as if they were you.


Why on earth would you give any person or a company's personnel access to the details of your private log-in details. Not to mention the details of your personal financial situation and commitments, which are none of their business. This goes against everything the banks have previously said about security.

Like others have said, I do internet banking on my laptop. I do have a smart phone and an ipad but I have not installed the apps available for either to access to my bank account.

Surely this is an option and no need to change banks if you want to carry on as before Lesley. :?
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Open Banking

Postby Borneo » 01 Oct 2017 14:53

Ugh. I don't even like this contactless payment. Went to pay for something the other day and as I passed my card over, probably over the machine, and puff it was done . Told the girl I wasn't happy she cancelled it and did it so I used my pin.
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Open Banking

Postby khkate » 01 Oct 2017 15:06

grannyM wrote:
the alternative option is to share your bank account login details directly with any other company(s) you choose and they can then log into your bank account themselves as if they were you.


Why on earth would you give any person or a company's personnel access to the details of your private log-in details. Not to mention the details of your personal financial situation and commitments, which are none of their business. This goes against everything the banks have previously said about security.

Like others have said, I do internet banking on my laptop. I do have a smart phone and an ipad but I have not installed the apps available for either to access to my bank account.

Surely this is an option and no need to change banks if you want to carry on as before Lesley. :?


That's what I am hoping Marie ; certainly don't want to be forced to change my bank account just because I don't want to use the API or share my log-in details with all and sundry. My bank is being particularly unhelpful and not having a branch locally (of any bank) where I can seek advice doesn't help.

Did find some interesting info on open banking which seems to indicate every financial institution will have to head that way eventually.

Julia - I don't like the contactless payments either. It was OK when first introduced and allowed a maximum payment of £5 a time - but now I think the maximum has been raised to £30. I know you can request debit cards from the bank that don't allow contact payments - that may be the way to do that, to stop it happening inadvertently its something I have thought of.
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