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Q:

What’s Open Banking?

A:

Open Banking is a mandatory change introduced by The Competition & Market Authority (CMA).

It is a brand new, secure way for you to share your information with Third Party Providers, as well as offering alternative payment methods. It will make it easier for companies to offer different and innovative services, while giving you more choice and more control over your money and financial information.

This will be achieved by banks and building societies making certain information accessible to other approved companies in a standardised, straightforward and secure way and only ever with your explicit consent. All companies will be approved by the Financial Conduct Authority.

You can find out more about the Open Banking scheme here

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