Open Banking: what is it and how does it work?

Open Banking allows banks to share a customer’s banking data with authorised third-party providers, securely and with the customer’s explicit consent. A principle that is changing the way we manage our money. Here is what you need to understand.

The principle in a few words

Your banking data remains yours. Open Banking lets you decide whether or not to share it with a provider of your choice: a budgeting app, a comparison tool, a payment service… Without your consent, nothing is shared.

A European framework

This works on the basis of the European Payment Services Directive (PSD2), which requires banks to open up access to accounts to authorised and supervised providers. To find out more, see our PSD2 page.

What it makes possible in practice

• View all your accounts, even at several banks, in one place;
• Initiate a payment directly from an app;
• Simplify certain procedures, such as putting together an application, with your consent.

Your rights and good habits

• Check that the provider is authorised before giving it access;
• Read carefully which data you are giving access to and for how long;
• Withdraw your consent at any time, from your bank or your app.