Open Banking: is your bank going to offer it?

Banks and regulators claim 'open banking' marks a seismic change. But what benefits will customers receive - and when?

From Saturday, new rules will force the UK’s largest banks to share detailed customer data with approved companies, in a bid to increase competition in the banking sector.

Nine providers have signed up - Barclays, Lloyds Banking Group, Santander, Danske, HSBC, RBS, Bank of Ireland, Nationwide and AIBG, the Irish commercial bank - but not all are set to meet the deadline.

Bank of Ireland, Barclays, HSBC, RBS and Santander have asked for an extension as they will not be ready by January 13.

Barclays will be delayed until February 7, while RBS customers will have to wait until February 12.

HSBC has been given until February 28, while First Direct and M&S Bank, divisions of HSBC, will not be ready until April 30.

The 12,000 Santander corporate banking customers will have to wait until May 7, personal banking customers are unaffected. Cater Allen, a subsidiary of Santander, has had its deadline...

To continue reading this article

Start your free trial of Premium

  • Access all Premium articles 
  • Subscriber-only events 
  • Cancel any time

Free for 30 days

then only £2 per week

Access one Premium article per week

To continue reading this article log in to your Telegraph account. Or register now, it's free.
Registered customers can access one Premium article per week
Unlimited access to exclusive stories.
Half price for one year.
  • Access all Premium articles
  • Subscriber only events
  • Cancel any time
Free for 30 days, then just £1 per week