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What is Open Banking and how does it work?

What is Open Banking? 

Open Banking provides secure access to your financial data from other institutions, enabling transparency and personalised services.

Additionally, Open Banking can be used for payments, allowing you to make transactions directly from your bank account through Third-Party service Providers (TPPs).

Is Open Banking safe?

Open Banking is regulated by financial authorities to ensure providers follow strict guidelines to protect customer data and maintain security. It also uses secure methods to transmit data and store data.

Your explicit approval is required to access your financial data or to pay, and you can revoke this approval at any time.

Can Revolut both share and use Open Banking data from other Open Banking members?

Revolut can do both. As a sharer, we can let other trusted Third-Party Providers (TPPs) access your financial data in a safe and controlled way. As a consumer, Revolut can also access your data held by other banks.

Who are Third-Party Providers (TPPs), and what role do they play in Open Banking?

Third-Party Providers (TPPs) use Open Banking API with your permission to access your financial data from other financial institutions to provide various services, such as budgeting, accounting, or payments.

You may see company names like Plaid, Yapily, or TrueLayer in the Open Banking flow because they streamline Open Banking integrations, providing a single platform and data services for banks and TPPs.