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).
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 three services:
Multi-Authorisation is available for all payment types (the ability for different users to authorize the payment initiated through the TPP on your Santander payment account).
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 Payment Accounts. The access level will vary depending on the TPP offering the service.
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 and confirmation of funds 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.
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.
To authorise a payment initiated through Open Banking, you will need to access the Third Party Consents page within Connect (in the account information menu). Select the Authorise Third Party Payments section, where you will see all Open Banking Payments waiting for authorisation.
Requests can be approved or rejected at this stage. Open Banking Payments cannot be amended.
If you have consented to share your data with a TPP, this could be valid for up to 90 days, if you have since been removed from that account, please revoke the consent through the online dashboard within Connect under the account information section.
Following revocation, you may still be able to see historic information already shared with your TPP.
A change in the Open banking requirements has resulted in us displaying the TPPs trading name/brand name during the authentication journey and on the dashboard. We no longer display the registered company name of the Third Party Provider.
We may also show the Agent company name (if applicable) within the consent and dashboard, captured as ‘On behalf of’.