What is Open Banking?

Here's what you need to know.

Open Banking is a change in UK banking, designed to give you new ways to manage your money.

Open Banking has been brought in to enable banks and other companies to develop new and better ways for you to bank.

Many banks in the UK now support Open Banking, but you’re in control – choosing whether or not to use it with your accounts is up to you.

Open Banking can be used to:

  • Pay for things online without having to enter your long card number.
  • See your current account, credit card(s), and some savings accounts from different banks in one app
  • Get smarter, more personalised price comparisons when looking for the best deals

What has changed with the introduction of Open Banking?

Open Banking is a government initiative designed to create more competition between banks and financial services companies. It’s been introduced to give you more choice about how to manage your money.

Open Banking has created a new and secure method for you to connect the different payment accounts you hold to either share information or make payments.

In the past, you couldn’t easily use all the accounts (current accounts, savings and credit cards) you hold with different providers online from one place.

What Open Banking means for you

You can choose to use new apps and websites to manage your money by safely sharing details of your accounts with Third Party Providers (TPPs).

TPPs supporting Open Banking are organisations or businesses that have been approved by the Financial Conduct Authority (FCA) to connect securely with your Tesco Bank accounts. By doing this they can provide you with information or payment services, if you ask us to allow it.

You’re in control and only need to choose to use TPP services if you want to. You won’t be automatically opted-in to Open Banking – it’s just there if you want to use it.

father and daughter sitting at kitchen table

How secure is Open Banking?

All companies using Open Banking services must comply with data protection laws and be registered or authorised by the FCA. You can find a list of TPPs on the Open Banking website.

If you choose to use Open Banking services, you’ll be asked to give your explicit permission to a TPP. If you do, we’ll then ask you to use your online banking security information to set up access to your account(s). Once you’re set up, you have full control of how TPPs access your accounts 24/7 in Online Banking.

What can I share with Open Banking?

You can choose to share information (like account name or current balance) from different types of payment accounts, along with any regular payments you have set up, and your transaction history.

You can select any combination of the information that Open Banking allows.You might want to just share an account name and the direct debits you have – it’s up to you.

How do I give permission to access my account?

If you choose to share account information with a Third-Party Provider (TPP) through Open Banking, you need to be registered for Online Banking. This is so you can use your Tesco Bank Online Banking log in to give TPPs permission to access your account information.

To allow a TPP to access your account, you start on their app or website. Once you’ve been asked for and have given your permission, they’ll connect securely to your account through our systems to set up their access.

We’ll ask you to give access to each TPP you use, and you can manage your permissions 24/7 in Online Banking and the Mobile Banking App.

How do I make payments with Open Banking?

With Open Banking you can pay for things online without having to use your credit or debit card number.

  • When you choose to make a payment with a TPP through Open Banking you’ll be directed to connect to us rather than entering your card details.
  • We’ll ask you for your Online Banking log in details, then ask you which eligible account to use for the payment.
  • The payment will be completed without you having to leave the website of the company you’re paying.
contactless payment being made

Help with logging in to Open Banking

You can reset your security information if:

  • You're using a recognised device
  • You've only forgotten one of the following: security number, password or username

For help with how to do this see:

You'll need to get in touch with us if:

  • You're using a computer or mobile device that we don't recognise, and you can't switch to a recognised device
  • You've forgotten both your security number and password

Call us on 0345 300 3511* to reset your details.

*This number may be included as part of any inclusive call minutes provided by your phone operator.

Important Information

What happens if something goes wrong?

If you have any questions about how a TPP is using your data, or if something has happened that you weren’t expecting, you should contact them directly.

Remember you can manage consents for your accounts in Online Banking or with our Mobile Banking App.

If a TPP can’t resolve your issue, you can contact us and we will try and help you.

Get help with Security and Fraud

To find out more about how Tesco Bank helps to keep your account secure and the ways you can help keep your account(s) secure visit our Security and Fraud Centre.

Open Banking service levels and our Developer Portal

We publish information about the Service and Availability of Open Banking at the end of each financial quarter, the first publication will be available here later this year.

Support for TPPs creating apps and services for Tesco Bank customers can be found on our Developer Portal.