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What is Open Banking?

A brief guide to Open Banking at YBS

 

Open Banking provides options for how you bank. This means you are able to use different services to manage your money or make payments. A good example of this is an app or website where you can now see all your accounts with different banks and building societies in one place. Don’t worry though, your data is not shared unless you choose a company to share it with and give consent to do so.

The Open Banking changes will allow you to get a consolidated view, provided by a Third Party Provider (TPP), of all your payment accounts with various organisations via a secure log-in. This could help you to manage your money more easily, for example being able to see your account transactions from your different accounts with different banks and building societies.

What can I do with Open Banking?

If you hold an eligible payment account, services that you will be able to sign up to include:

  • Seeing all your eligible accounts with different financial institutions in one place
  • Comparing accounts and account services
  • Paying directly from your bank account rather than using a debit or credit card
  • Setting up a standing order
  • Allowing third parties, once authorised by you, to check if you have available funds to pay for goods and services

For a full list of eligible payment accounts, visit our payment account services page.

 

Frequently asked questions

Third Party Providers (TPP)

What do you mean by a TPP that uses Open Banking

A TPP is a third party provider. Every TPP that uses Open Banking to offer products or services must be regulated by the FCA or another relevant European regulator. A customer will be able to give consent to a TPP to allow them to access information on their payment accounts. An approved TPP can be found on the FCA register.

There are three types of TPP:

  • Account Information Service Provider (AISP) - a third party to whom you grant consent to view your account(s) alongside your payment accounts from other banks and building societies.
  • Card Based Payment Instrument Issuer (CBPII) - a third party to whom you grant consent to check if your account has available funds when making a payment.
  • Payment Initiation Service Provider (PISP) - a third party to whom you may grant consent to make a payment on your behalf.
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Registration Issues

I am not registered for online access to my payment account but would like to sign up to TPP services; can I do this?

Before you can sign up to TPP services you need to be registered to YBSG online services through our website.

Please visit https://www.ybs.co.uk/help/online/index.html to find out more.

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Do I have to input my existing customer number / user name or will you provide a new username for accessing the account information service via a TPP?

Yes, you will need your existing customer number or username along with your password to authorise the TPP to access your payment account information.

Please visit https://www.ybs.co.uk/help/online/registration.html for help on logging in.

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How do I find my customer number?

Please visit https://www.ybs.co.uk/help/online/registration.html for help on logging in.

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I have entered my login details and they are not working.

Please visit https://www.ybs.co.uk/help/online/registration.html for help on logging in.

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I have a temporary password, I require a new password.

Please visit our website and login using the temporary password; you will then be able to set up a new password.

Please visit https://www.ybs.co.uk/help/online/registration.html for help on logging in.

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I tried resetting my password by logging in but it has not reset?

Please visit https://www.ybs.co.uk/help/online/registration.html for help on logging in.

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My account is locked. How do I unlock my account?

Please ensure you are entering your customer number and not your account number.

Please visit https://www.ybs.co.uk/help/online/registration.html for help on logging in.

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Consent Issues

The system displays a message stating "No accounts available for this service". Why is this?

Your account may not be eligible for this service. For a full list of eligible payment accounts, please visit https://www.ybs.co.uk/help/payment-guidance/payment-account-services.html

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Can I extend the authorisation for accessing my information for a longer period?

Unfortunately, this is currently not possible for AISPs. All authorisations last for 90 days and require refresh after 90 days.

For CBPIIs, authorisation is not limited to a time period unless you state otherwise.

This does not apply to PISPs.

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How do I cancel an authorisation once it’s been set up?

You can cancel any TPP authorisation you have made directly with the TPP or by logging into your account. Once you are logged in select ‘My Profile’ and then select ‘information sharing permissions’ from the menu.

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I did not authorise this TPP request. What do I do?

Please call us on 0345 1200 100 and we will be happy to help you.

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How do I know if a TPP is genuine?

Visit the FCA website and search for the approved TPP via the FCA register. Always ensure you use the genuine TPP’s website or app. Fraudsters often set up fake versions of websites in an attempt to obtain information.

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Account issues

Why are some of my accounts greyed out so I can’t select them to authorise?

Your account may not be eligible for this service. For a full list of eligible payment accounts, please visit https://www.ybs.co.uk/help/payment-guidance/payment-account-services.html

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I used to be able to see all my accounts available for selection but now I can’t?

Your account may not be eligible for this service. For a full list of eligible payment accounts, please visit https://www.ybs.co.uk/help/payment-guidance/payment-account-services.html

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I need to change the account I have selected. How do I do this?

Please contact your TPP to revoke TPP access using the TPP app or website.

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How can I use my other savings accounts that are not payment accounts with a TPP? Can I convert them?

Currently, our other savings accounts that are not online payment accounts cannot use TPP services. Your account may not be eligible for this service. For a full list of eligible payment accounts, please visit https://www.ybs.co.uk/help/payment-guidance/payment-account-services.html

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If I close my account, will the TPP still see my information?

The TPP can access up to 2 years of information from your account until their access expires or you have revoked access for that TPP.

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The information the TPP is displaying for my accounts is incorrect.

If any of your details displayed by the TPP service are incorrect, for example the balance does not match, some or all of your accounts are missing or your transaction history is not displaying, please contact the TPP directly.

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Can I request information on whom I have shared my data with?

Please call us on 0345 1 200 100 and we will be happy to help you.

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Can I register with more than one TPP?

Yes.

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I am no longer able to view my accounts on the TPP app/website and it is failing to add again. Why are you rejecting the request?

Please call us on 0345 1 200 100 and we will be happy to help you.

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What is a Payment Initiation Service Provider (PISP), and how does it impact me?

A Payment Initiation Service Provider (PISP) is a third party to whom you may grant consent to make a payment on your behalf.

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I haven’t authorised a payment to be made on my account. What do I do?

Please call us on 0345 1 200 100 and we will be happy to help you.

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I can’t complete the payment request. Why is this?

Please contact your TPP.

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CBPII questions

What is CBPII and what can I use CBPII for?

A CBPII provider can check a customers available balance before accepting any payment. Customers who have a CBPII issued card from their payment provider can use this card to make payments. This is a new offering by third parties and full details are yet to be disclosed and will depend on the TPP.

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I have a third party card and the payment has been declined?

Please contact your TPP.

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Standing orders

Can I set up a standing order via a TPP?

Yes - you can now set up a standing order instruction via the TPP.

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Can I amend or cancel a standing order set up with a TPP?

No - you cannot amend of delete via a TPP. However, you can use via your existing YBS online banking services to amend or delete a TPP.

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Can I amend or cancel a standing order set up with a TPP?

Please contact your TPP.

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