Open Banking Information | Savings Guides | YBS
What is Open Banking?
A brief guide to Open Banking at YBS
Open Banking provides options for how you bank. This means you are able to use different services to manage your money or make payments. A good example of this is an app or website where you can now see all your accounts with different banks and building societies in one place. Don’t worry though, your data is not shared unless you choose a company to share it with and give consent to do so.
The Open Banking changes will allow you to get a consolidated view, provided by a Third Party Provider (TPP), of all your payment accounts with various organisations via a secure log-in. This could help you to manage your money more easily, for example being able to see your account transactions from your different accounts with different banks and building societies.
What can I do with Open Banking?
If you hold an eligible payment account, services that you will be able to sign up to include:
- Seeing all your eligible accounts with different financial institutions in one place
- Comparing accounts and account services
- Paying directly from your bank account rather than using a debit or credit card
- Setting up a standing order
- Allowing third parties, once authorised by you, to check if you have available funds to pay for goods and services
For a full list of eligible payment accounts, visit our payment account services page.
Third Party Providers (TPP)
A TPP is a third party provider. Every TPP that uses Open Banking to offer products or services must be regulated by the FCA or another relevant European regulator. A customer will be able to give consent to a TPP to allow them to access information on their payment accounts. An approved TPP can be found on the FCA register .
There are three types of TPP:
- Account Information Service Provider (AISP) - a third party to whom you grant consent to view your account(s) alongside your payment accounts from other banks and building societies.
- Card Based Payment Instrument Issuer (CBPII) - a third party to whom you grant consent to check if your account has available funds when making a payment.
- Payment Initiation Service Provider (PISP) - a third party to whom you may grant consent to make a payment on your behalf.
Registration Issues
Before you can sign up to TPP services you need to be registered to YBSG online services through our website.
Please visit our login help to find out more.
Yes, you will need your existing customer number or username along with your password to authorise the TPP to access your payment account information.
Please visit our login help for help on logging in.
Please visit our login help for help on logging in.
Please visit our login help for help on logging in.
Please visit our website and login using the temporary password; you will then be able to set up a new password.
Please visit our login help for help on logging in.
Please visit our login help for help on logging in.
Please ensure you are entering your customer number and not your account number.
Please visit our login help for help on logging in.
Consent Issues
Unfortunately, this is currently not possible for AISPs. All authorisations last for 90 days and require refresh after 90 days.
For CBPIIs, authorisation is not limited to a time period unless you state otherwise.
This does not apply to PISPs.
You can cancel any TPP authorisation you have made directly with the TPP or by logging into your account. Once you are logged in select ‘My Profile’ and then select ‘information sharing permissions’ from the menu.
Please call us on 0345 1200 100 and we will be happy to help you.
Visit the FCA website and search for the approved TPP via the FCA register. Always ensure you use the genuine TPP’s website or app. Fraudsters often set up fake versions of websites in an attempt to obtain information.