If you bank with any of the big UK banks, you can now share data about your account and make payments in new ways. That means you’ll have more control over which websites and apps you can use to do your banking.
Open Banking is a change to UK regulation which gives you more control over your data and helps you bank the way you want to. We’ve made it possible for you to share your data and make payments in new ways, so that you can use new kinds of services to manage your money. These services are still evolving but, for example, they might make it possible to see all your accounts with different banks in one place.
Open Banking is an industry-wide change to increase competition. That means these new services won’t just be offered by Lloyds Bank and other banks. Other kinds of companies will offer them too, even those who haven’t been involved in banking before. We’ll be launching our own new services soon.
We want to do what’s best for our customers. Making sure you can use new services is part of this. That’s why we’ve been working with regulators, consumer groups and many others to make this happen.
If you do your banking online, you’ll start to see new ways to use your accounts. Open Banking is still new, but sharing data and making payments through other websites/apps could make it possible to:
Our own Open Banking services are coming soon, but you can already share data about your Lloyds Bank accounts and make payments through other websites/apps.
It’s up to you whether you use any of the new services made possible by Open Banking. You can still keep banking with us the way you do now. There’s no need to opt out of anything, and none of your data will be shared unless you choose to share it.
Whenever you do share data with someone, it’ll only be the data you’ve agreed to share, and you can cancel at any time.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Authorisation can be checked on the Financial Services Register at www.fca.org.uk. Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.