What is Open Banking?
Open Banking is an industry-wide initiative introduced in early 2018 that puts the customer in control of their data. Customers will now be able to give permission to their banks to share account transaction data securely with other financial services companies, known as third-party providers (TPPs).
Customers will remain in control of their data, as third party providers will need to obtain their consent first, to access it. Every third party that provides a service that requires access to customer data or allows payments to be made from customer accounts must be regulated by the FCA in the UK, or the equivalent authority in other European countries. Customers can revoke a third party provider’s access to their data at any time.
Is my data safe?
Cynergy Bank makes use of the Open Banking regulator’s mandated approach to data exchange. This uses financial grade API technology which has additional layers of security. This means only third-party providers who are registered, have the right permissions and digital identity, can access a Customer’s data. For more information, go to Why Open Banking is safe .
Open Banking Performance and Availability Reports
2024
Developer resources
Cynergy Bank Open Banking API: https://openbanking.cynergybank.co.uk/store/
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