Open Banking

Open Banking

Your money. Your data. Your control.

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.

Biometrics

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.

Don't have the Investec app?

IOS device

Download it on the 

Android device

Get it on

Staying safe online

 

Looking after your security is a fundamental part of our business. To see how we are working to keep you safe, and for some helpful tips, visit our fraud page.

FAQs

  • Am I automatically opted in for Open Banking?

    No. You will always need to give permission to another provider for your data to be shared. Your data is not automatically shared.

  • Can I use Open Banking if I don't use Investec Online or the Investec app?

    No. You will need online or mobile banking for your Investec accounts to use Open Banking.

  • How do I use Open Banking?

    You will first need to agree to share your Investec data with another website or app for Open Banking.


    When you transact using that third party website or app, you will be taken to the Investec Open Banking login page.


    Once you've logged in and given your consent, we'll share your data securely with the third party.


    You can stop sharing your data at any time.

  • What information will a third party be able to access?

    It is always in your control who you give access to and for how long. 

    When you use Open Banking, the types of information that you can share include:

     

    • Account details such as name of account, balance etc.
    • Regular payment details like beneficiaries, standing orders and direct debits
    • All incoming and outgoing transactions on your account

     

    You can also allow a third party provider to initiate payments from your account.

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