What is Open Banking?
Open Banking is a change to UK regulation which gives you more control over your data and helps you bank the way you want to. We’ve made it possible for you to share your data and make payments in new ways, so that you can use new kinds of services to manage your money. These services are still evolving but, for example, you can now see all your accounts with different banks in one place.
Open Banking is an industry-wide change to increase competition. That means these new services won’t just be offered by Bank of Scotland and other banks. Other kinds of companies will offer them too, even those who haven’t been involved in banking before.
We want to do what’s best for our customers. Making sure you can use new services is part of this. That’s why we’ve been working with regulators, consumer groups and many others to make this happen.