Open Banking is a data-sharing and payment initiation part of the Revised Payment Services Directive (PSD2) issued by the EU Commission. The goal of Open Banking is to increase pan-European competition in financial services, allow for participation in the payments industry by non-banking organisations (like us) and give people like you ownership of your financial data.
Thanks to something called application programming interface (API), banks can share your data with third-parties like us. But for us to access your bank data through Open Banking, we need permission from you first, so we’ll ask for explicit consent before prompting you to log into your bank and link your account.
Monese customers like you will benefit greatly from Open Banking as it’ll essentially let you share your bank data with apps like ours to help you make better financial decisions and manage all your accounts integrally. You can find the data that'll be shared with us here
It's very secure as you are in control of your data. By regulation, authorised third parties need to prove that we’ll keep your information safe, which we do with bank-level security. You’ll need to re-authenticate your linked account every 90 days to keep it linked and visible in the app but you can revoke access to your data at any time.