Open Banking,CMA,Third Party,Third Party Providers,TPP
Open Banking is the name used by financial services industry when referring to new services allowing payment account holders to share their financial information with, and make payments to, banks and other authorised organisations. This change was led by the UK’s Competition and Markets Authority (CMA) to bring more competition and innovation to the financial services industry.
Open Banking uses a secure system which allows you to tell your bank directly that you’re agreeing to use a regulated Third Party Provider (TPP). When you use the TPP to access your payment account you’ll be directed to your account provider to give your agreement.
The important aspect of Open Banking is that it's up to you if you want to share your data. Open Banking gives the opportunity to share your information, but only if you expressly give your permission.
The Payment Service Directive (PSD) is European law, which is translated into UK law as the Payment Services Regulation. This law tells banks and other providers how they have to process payments and other services linked to providing payment services. The PSD was updated, and one of the changes introduced similar services to those contained in the UK’s pen Banking rules.
The PSD changes mean that TPPs can (with your express permission) access information about your accounts and make payments on your behalf. This includes any payment account you can access online (such as current accounts, credit cards and some savings accounts). Some of these accounts can’t yet be accessed using the method introduced for Open Banking and some TPPs may ask for your Santander Connect online banking details in order to access your information.
Open Banking was set up by the Competition & Markets Authority on behalf of the UK Government. You can give permitted companies (Third Party Providers or TPPs) access to your accounts, so they can provide you with two services:
In the coming months, we will be adding additional payment services:
TPPs can only access your information and provide these type of services if you’re registered for Santander Connect online banking and you provide your consent.
Before you give consent for any TPP to access your accounts, it’s important that you understand the services they’re providing and how they’ll use your information, including if they’ll be sharing it with anyone.
For more information on how to protect yourself visit our fraud pages for more information.
If you are a TPP providing account information or payment initiation services and want to read more about how to use/access our APIs, you can find the technical specifications on our Developer Portal.
You can give access to your Corporate Current Account. The access level will vary depending on the TPP offering the service.
TPPs who you share your Connect login details with will be able to access information about all of your accounts that are accessible in your Online Banking.
This should be made clear to you by the TPP when you are agreeing to use their services. In some instances it may be limited to 90 days.
For account information consents you can withdraw your consent at any time. For more information see the ‘How do I withdraw my consent’ question below.
For payment initiation services, dependent on the payment type, you'll need to do one of the following:
You can stop consent at any time by accessing the Third Party Consents page (in the Account Information menu) when you log on to Connect. Alternatively, you can contact the TPP to cancel the access to your accounts, or you can call us on 0800 085 1580 between 8am and 6pm Monday to Friday and 8am and 2pm on Saturday.
If you’ve provided a TPP with your Online Banking log on details, requesting new ones might be the only way to ensure the access is no longer possible.
You should contact the TPP directly. Once you have authorised the payment, we won’t be able to stop it.
The payments will normally come out of your account straight away, although they can take longer.
If you wish to stop or amend a standing order or future dated payment Instruction set up through TPP, you can do this online or by calling us on 0800 085 1580 between 8am and 6pm Monday to Friday and 8am and 2pm on Saturday.
You should check your accounts regularly and if you notice any payments you do not recognise, contact us as soon as possible.
You can call us on 0800 085 2090 Monday to Friday 8am to 5:30pm.
For more information about responsibility for unauthorised transactions please see the terms and conditions of your Santander account.
Yes, payment services offered by a TPP can be used if you have multi authorisation set up, depending on the services provided by the TPP. Once all the authorisations have been received your payment will be processed or your standing order/future dated payment instruction will be set up.
If the request expires before all the authorisations are received, the payment or instructions will be cancelled, and you will need to re-process a new request through the TPP.