What is Open Banking?
Open Banking is a system that let’s third parties (such as Moneyhub and other budgeting apps) access your financial data. The Open Banking Implementation Entity has a great explainer video which you can check out here.
Why should I care?
By giving you the control to choose and share your data with these third parties, it will help your money go further.
For example, a third party will look at your transactions and suggest products and services which will be suited to you, such as a better insurance deal or cheaper energy.
What if I don’t want it?
That’s the beauty of Open Banking. You’re in the driving seat. You choose if, when, and how long you want to use Open Banking. Your bank or third parties will always ask for your permission.
Is my money protected?
Yes. Only companies or services regulated by the Financial Conduct Authority can provide Open Banking which means your money is protected.
If fraudulent payments are made on your bank or building society account, you’re protected and your bank will pay you that money back.
In addition to this, you’re protected by the Financial Ombudsman Service.
Ok, but is Moneyhub safe?
Moneyhub is regulated by the FCA, you can find us on their register here by searching ‘Moneyhub’ or using our reference number 809360.
We can’t make payments for you, even with your permission. All we can do is let your bank or building society know you want to make a payment than transfer you to them to set it up.
We can help you catch and stop fraudulent payments - we’ve had Moneyhub customers come forward to say that Moneyhub alerted them to suspicious transactions before they showed on their banking providers’ feed.
Check out the video below for more information about what we’re doing to keep your data secure, visit the Your Moneyhub Account and Data section in our Help Centre.