What is Open Banking?
We use Open Banking to connect to account providers in the Money Dashboard app. Open Banking is a UK initiative introduced by the Competition and Markets Authority (CMA) in 2018 to give you better control over your financial data.
This control includes the flexibility to view and share your data with authorised third party providers, like Money Dashboard. Open Banking introduced a range of standards that banks and other regulated providers must follow when sharing and handling your financial data, ensuring your data is secure.
What are the benefits of Open banking?
- You stay in control: it’s always your choice to give a regulated party, like Money Dashboard, access to your data and you can withdraw your consent at any time.
- You’re protected: Money Dashboard, like all other companies using Open Banking, have to be regulated by the Financial Conduct Authority (FCA) or a European equivalent
- Greater choice and flexibility: no more being limited to the services offered by your own bank, with Open Banking you can shop around to find the regulated provider and services that work for you, without the hassle of moving your accounts.
How secure is the open banking connection?
Looking after your finances is a big responsibility and security is at the forefront of everything we do. Our services are reviewed and audited externally on a regular basis and we are authorised and regulated by the Financial Conduct Authority, registration number 800652. For more information on the FCA's provision of Account Information Service Providers (AISPs), see here. This means we are approved and regulated to handle your data securely for you.
All your personal information is protected as soon as you enter it onto your the Money Dashboard App or in your browser by our independently certified TLS (Transport Layer Security) security layer that uses military-grade encryption (SHA256 RSA) to provide you with the peace of mind that your information deserves.