Open Banking
What is Open Banking?
Open Banking offers a secure way to share data from your C. Hoare & Co. current account(s) and credit card account(s) with authorised organisations such as other banks and third-party providers (TPPs). This data is only shared with your explicit permission, authenticated by your C. Hoare & Co. online banking credentials.
What can Open Banking be used for?
1. Payments
You can make payments directly from the website of a merchant, service provider or organisation (e.g. HMRC) without the need to enter card details.
2. Accountancy
Open Banking provides real-time access to financial transactions which can be automatically integrated into accounting software. This reduces the need for manual data entry and minimises errors.
3. Financial overview
Some third-party providers allow you to view accounts from different banks in one place. They may also offer insights and recommendations, helping you to track spending and set budgets.
These are just some of the ways you can use Open Banking. You can find out more by visiting the Open Banking website.
What is a third-party provider (TPP)?
A third-party provider could be any company that wants to offer you a service. However, any UK third-party provider operating via Open Banking must first be approved by the Financial Conduct Authority (FCA). You can view the FCA’s list of approved third parties here: FCA Open Banking Directory.
What data can I share with a third party-provider?
You can select the data you wish to share with a third-party provider. This may include account details (name, number, currency), transactions, balances, beneficiary details, standing orders, direct debits, future dated payments, or your email address.
Is Open Banking safe?
Open Banking is designed for optimum security:
- It uses rigorously tested software and security systems; and
- It gives you full control over the information you share, the companies who access it, and the amount of time your information remains available to these companies.
Am I automatically opted in to Open Banking?
No, a company can only connect to your C. Hoare & Co. account(s) via Open Banking with your explicit consent.
How do I view or revoke Open Banking access?
- You can view all active and inactive consents by selecting the Open Banking menu in online banking. They can also be viewed via the third-party provider website where you initiated consent.
- You can revoke access by deselecting the relevant consent in the ‘Active’ list in the Open Banking menu. It can also be revoked via the third-party provider website where you initiated consent.
What do I need to do to enable Open Banking with my C. Hoare & Co. account?
To enable Open Banking, you must first register for online banking. Once you have registered, no further action is needed until you choose to share your data with a specific third-party provider. At that point, the provider will guide you through the secure process of connecting your account and giving consent.
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If you are a developer seeking access to our API and developer resources, please visit our Developer Site at developer.hoaresbank.co.uk .
