Re: Open Banking - Who Needs It
Hi, A couple of days ago I received an email which informed me of changes to the banking system commencing in January 2018 and how it will affect our accounts. A section of the email is as follows....
Changes to Payment Regulations
"New regulations will come into effect on 13 January 2018 – making sure all European banks process payments in the same way, in an increasingly digital world.
Here are the main changes:
1. With your permission, third party providers (TPPs) can access your information to provide their services
• New digital banking services are entering the market offered by us and TPPs. These will include new ways to pay for things online and tools that help you to view all your accounts with different financial providers in one place. Before giving a TPP permission to access your account information you may wish to check that they're authorised by the Financial Conduct Authority (FCA) to provide their service.
• Some TPPs might ask you for your online banking log in details and password to provide their service to you. If you decide to give them this information, this means that they'll be able to see and do anything you can do on your accounts.
• If you give TPPs permission to access your accounts and account information, we're not responsible for what they may do.
How we respond to payment related complaints
We'll now aim to respond in writing within 15 working days.
3. International payment fees
If you make payments to an account outside the UK, you might see some changes to the way fees are paid. In some cases, you won't be able to pass your fees on to the person you're paying or pay their fees if that's what you did before. But don't worry, we'll always tell you what fees apply and what your options are before you make any payment.
4. Money paid in error
From 13 January all banks will start to share personal information to help a payer, who has paid money in error, to trace that money and claim it back.
If we think money has been paid into your account in error, we might hold onto it until we check it with you. If you agree it's been an error, we'll return it. If you were expecting the money, we'll return it to your account but we may need to share your contact details with the other party."
I wondered what opinions other people have on this important matter.