Frequently Asked Questions

Open Banking allows you to share your account data with a Third-party Provider.

By Third-party Provider, we mean either another Bank or other types of financial institutions offering specialist financial services.

Open Banking is designed to drive innovation within the banking industry. You may just wish to aggregate your bank accounts, so that you can see them in one place, or you might want to take advantage of a niche service offered by one of the newer FinTech firms.

Before offering Open Banking services a Third-party Provider has to be registered with the regulator for Financial Services first - FCA’s list of approved providers .

We will always check that a Third-party Provider is registered and has your permission before sharing any data.

Once you have chosen a Third-party Provider, the next step is to navigate to their Open Banking area in their App or Online Website and follow their instructions. If they support an Open Banking connection with Cynergy Bank, you will be able to select us from the list of Banks, to start the process.

How it works

You set up Open Banking account data sharing through your chosen Third-party Provider, in their App or Online Website.

You will then be re-directed to the Cynergy Bank Mobile Banking App or Online Banking.

We will show you a list of your bank accounts with us, that you can share data from (not all Savings products are eligible, but all Current Accounts are).

You select the bank accounts that you want the Third-party Provider to see.

You then confirm your permission to share your account data with them.

We will tell the Third-party Provider the bank accounts that you have given your permission to.

The Third-party Provider will then be able to retrieve data for these accounts, such as transactions and balances.

Open Banking can also be used to make payments from your Cynergy Bank accounts through your Third-party Provider’s App or Online website. You will need Account Data Sharing in place with them first.

How it works

You set up the payment details with your Third-party Provider, in their App or Online Website,

You will then be re-directed to the Cynergy Bank Mobile Banking app or Online Banking.

We will show you a summary of the payment, with the amount and who the payment is going to.

If you have more than one account with us, we may ask you to confirm the account to make the payment from.

You then confirm your permission for the payment to proceed (you can also decline to make the payment at this point if you have changed your mind).

Once complete, you will then be redirected back to your Third-party Provider’s App or online website.

The payment will then be taken directly from your Cynergy Bank account.

If the payment is for a Scheduled Payment (Future-dated) or Standing order, we will set this up for you.

To view a payment made, just go to your account transactions in the Cynergy Bank Mobile Banking App or Online Banking

Alternatively, your Third-party Provider will provide a view of your account transactions in their App or Online Website.

When using Open Banking, you will always be asked to give your permission first.

Explicit permission must be provided up front in the Cynergy Bank Mobile Banking app before any data about your accounts is shared. Your permission is also required for each individual payment.

How it works

In the Cynergy Bank Mobile Banking app or Online Banking, go to your Open Banking connections dashboard under the Settings menu.

You will be able to view your Third-party Provider connection and see which accounts they have permission to see.

If you wish, using the ‘Manage option’, you can stop a connection with a Third-party Provider instantly by simply clicking on the ‘Stop’ button.

Alternatively, you can stop a connection in your Third-party Provider’s App or online website.