What is Open Banking?
Open Banking is a mandatory change introduced by The Competition & Market Authority (CMA). The European Banking Authority (EBA) is adopting complementary standards for all Payment Services Directive (PSD2) jurisdictions.
It is a secure way for you to share your information with Service Providers, as well as offering alternative payment methods. It will make it easier for companies to offer different and innovative services, while giving you more choice and more control over your money and financial information.
This will be achieved by banks and building societies making certain information accessible to other approved companies in a standardised, straightforward and secure way and only ever with your explicit consent. All companies will be approved by the Financial Conduct Authority (FCA), regulatory body or business partner.
If you bank with NatWest International in Gibraltar and you are happy to proceed, please visit the Consent Store.