What is Open 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, you can now 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 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.
What you can do with Open Banking
If you do your banking online, you’ll be able to see new ways to use your accounts. Open Banking is still new. But sharing data and making payments through other websites and apps could make it possible to:
- see all your accounts with different banks in one place
- compare accounts to find the right options for you
- pay directly from your bank when you buy something online, without needing your bank card.
Our own Open Banking services are up and running. Now, you can see all of your different bank accounts in one place. You can also share data about your Lloyds Bank accounts and make payments through other websites and apps.
Open Banking is a UK initiative, as Channel Islands, Isle of Man and Gibraltar are regulated separately the service is not available for these customers.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. 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.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).