Third Party Providers: Open Banking
Open Banking is the name used by the financial industry to talk about new services which let current account holders share their financial information with, and make payments to, banks and other authorised organisations.
Open Banking was introduced by the UK’s Competition and Markets Authority (CMA) to bring more competition and innovation to the financial services industry. It works using a secure system to let you register with other banks or authorised organisations (known as third party providers, or TPPs) and tell your bank to let them see and use your current account details.
It's up to you if you want to share your data. Open Banking gives the opportunity to share your information, but only if you expressly give your permission.
Following a number of changes to the law and regulation you will soon be able to allow certain permitted companies (third party providers or TPPs) access to some of your accounts, so they can provide services such as:
- Account aggregation: see your accounts with different providers all in one place in a mobile app or online. Banks, building societies and price comparison websites will be some of the companies providing this type of service.
- Payment initiation: online payments can be made on your behalf, as an alternative to using your debit or credit card. Some online retailers will be providing this service.
TPPs can only access your information and provide these type of services if you’re registered for Online Banking and give your consent.
Before you give consent for any third party provider (TPP) to access your accounts, it’s important that you understand the services they’re providing and how they’ll use your information, including if they’ll be sharing it with anyone. You should also take reasonable steps to ensure that the company is legitimate.
When a Third Party Provider prompts you to chose the bank you hold your account (s) with, you will need to select ‘Santander’, as cahoot will not be displayed as a separate bank.
To obtain your consent to access your accounts or for payment initiation services, TPPs will:
- Redirect you to Santander, where we’ll take you through a detailed online authorisation process using your cahoot Online Banking credentials. A One Time Passcode (OTP) will be required to complete the consent process. This will be sent to the OTP mobile number registered with us. Remember you should never share an OTP with anyone, not even a cahoot or Santander employee. Learn more about OTPs
You will be able to withdraw and manage your account information consents at any time in Online Banking.