
Photo by Vinicius Wiesehofer
Open Banking is a secure way to give Third Party Providers access to your financial information.
You will need to provide your consent to use a third-party service that uses Open Banking. This process is relatively straight forward.
Mobile Banking Consent
To provide Mobile Banking consent you will:
- select your bank.
- then be redirected to your Mobile Banking application.
- login using your usual authentication method – E.g. FaceId or PIN.
- authorise consent for the action.
- then be redirected back to the third-party website of mobile application.
Online Banking Consent
To provide Online Banking consent you will:
- select your bank.
- then be redirected to your Online Banking website.
- login using your usual login details and any 2FA credentials.
- authorise consent for the action.
- then be redirected back to the third-party website of mobile application.
You will likely need your card reader to approve payment requests using Online Banking.
Removing Consent
Under current Open Banking rules:
- You will need to renew consent at least every 90 days.
- You should be able to easily revoke access using the third-party.
Note: You must NEVER enter your credentials into a website or mobile app that is not provided by your bank.
Next: See HSBC Consent Example