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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

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

 

Frequently asked questions

Third Party Providers (TTP)

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

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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.

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. All authorisations last for 90 days and require refresh after 90 days.

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How long does it take to cancel the authorisation?

Once you have cancelled with your TPP, we will cancel the authorisation as soon as the request is received.

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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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How do I revoke the access I have granted to TPP?

Please contact your TPP to revoke TPP access.

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Can I revoke the access of a single account only?

Please contact your TPP to revoke TPP access.

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Do I have to share all my accounts with the TPP or can I only share the ones I want?

You authorise the information that you want to share with the TPP and will be given the option to select the eligible accounts to share.

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Why is the account balance displayed on the TPP app/website for my account not matching the account balance on my account?

Please contact your TPP.

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Why has one of my accounts stopped displaying in the TPP app/website?

Please contact your TPP.

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Why is the transaction history not displaying all of my transactions?

Please contact your TPP.

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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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Why can I only see my balances and no other information?

We share the available and cleared balance. We do not however control what the TPP displays on their site.

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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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