Open Banking, the initiative that gives you and only you more control of your data.
What is Open Banking?
Open Banking is part of changes to banking regulation designed to encourage competition and innovation.
Open Banking provides an industry standard for UK regulated banks and building societies for how you can share your financial information with other providers and make payments in new ways. This mainly applies to current accounts but can include some other types of accounts.
With Open Banking you have the ability to interact with certain Investec accounts outside of the Investec app or Investec Online.
See the official Open Banking site for more information.
What does this mean for you?
A new way to pay
Open Banking might allow you to make payments in new ways using third party providers.
For example, you could pay for goods and services straight from your bank account on a merchant's website as an alternative to using your card.
All your accounts in one place
Personal finance apps might be one of the services most likely to use Open Banking.
You can approve third parties, such as a budgeting app, to access your account data from your other bank accounts. You don't need to give your login details to a third party when using Open Banking.
You can share your data for up to 90 days at a time. You will need to re-authorise access after that time and you can stop access at any time.
You're always in control
Only you can share your data or make a payment using a third party. And you can stop this at any time.
You don't need to opt in or out. You choose which providers you want to share data with, and for how long. Nothing will be shared without your permission.
Getting ready for Open Banking
Open Banking is still in its infancy. Services are developing and here are some ways you can get ready for it.
Register for Investec Online
You need to be registered for Investec Online to be able to link your Investec accounts to third party apps.
Connect your account
When you use a new financial tool you may be asked to link your Investec account. A good example of this would be when using a money management app.
If you agree, you will be redirected to the Investec Open Banking login page. The third party provider won’t be able to see your login details. Once you’ve logged in and given your consent, your data will be shared.
Keep your contact details current
To authorise an Open Banking transaction we will send a notification to your registered mobile device.
Please keep the mobile number you have registered with us, up to date.
We are working towards making Open Banking authentication possible with your fingerprint or facial recognition.
You will need the Investec app installed and a biometric compatible device to use this when we launch this method.