What is Open Banking?
Open Banking is designed to give you the freedom and flexibility to share your banking data with apps, competitors, and others.
It was introduced by the Competition and Markets Authority to enable smaller and newer financial services providers to compete more easily with bigger banks, whilst encouraging banks of all sizes to improve the services they offer to customers.
How does it work?
You can choose to share pieces of your Unity account information through Open Banking with other regulated third-party providers (TPPs). This could enable you to:
- View your accounts from different banks all in one place
- Get a better idea of the current accounts that may be right for you
These third-party providers will need to register with the Financial Conduct Authority (FCA), giving you added protection and peace of mind.
Is it safe?
Yes, your data won’t be shared without your consent and payments won’t be made without your approval.
When a third-party provider asks us for your account details, we’ll make sure they’re registered with the FCA first.
Data will be shared through a secure system that’s been tried and tested, and is standardised across the whole industry.
What if I’m not interested?
No problem. You don’t have to share any details through Open Banking if you don’t want to. If it doesn’t appeal to you, you can carry on banking with us exactly as you do right now. You’re in complete control.