Managing your finances is now even easier with Open Banking

Open Banking is the secure way to share your financial information and it’s now available on your Personal Finance Portal (PFP).

What is Open Banking?

Open Banking is a new, additional service that enables you to securely make your online banking data available to third party applications such as PFP. By authenticating and giving permission directly to the bank/building society through your PFP account, you never have to share your login credentials. You will be prompted to refresh your access consent every 90 days in line with Open Banking Guidelines, and consent can be withdrawn at any time.

What are the benefits?

Linking your accounts to PFP with Open Banking will help you to understand exactly where you are spending your money and where it is coming from. Your income and expenditure will automatically be broken down into categories such as Household, Loans and Finance, and Lifestyle. Having details of your bank accounts, credit cards and investments in one place increases the accuracy of your portfolio in PFP and will enable your Financial Planner to provide more comprehensive advice.

How do I set up Open Banking?

Linking your current accounts and credit cards with PFP is simple. When you are logged in, select ‘Add Account’ and choose the bank/building society. You will be prompted to give consent and will be redirected to the provider’s website to authenticate the account. You can choose which available accounts to link with PFP and once selected PFP will automatically be populated with 3 months of historical transactions.

Once the transactions have been imported, click on the ‘Spending’ tab (previously called ‘Income & Expenditure’) to view the detailed breakdown. New transactions are automatically imported every day.

Which accounts are covered by Open Banking?

The Financial Conduct Authority (FCA) initially instructed the UK’s largest banking providers to make their payment accounts (current account and credit cards) available through Open Banking. Accounts from the following providers are available initially, with more to follow: Bank of Scotland, Barclays, First Direct, Halifax, HSBC, Lloyds Bank, M&S Bank, MBNA, Nationwide, Natwest, Royal Bank of Scotland and Santander.

Some savings accounts are supported if the bank/building society considers them to be ‘payment accounts’, but this varies by provider. When you set up Open Banking on your PFP account you will see a list of the accounts that are available to link.

Open Banking does not fully support joint accounts yet and any accounts that are linked to PFP will be treated as personal accounts. If you and your spouse or partner both have a PFP account and both use Open Banking to link a joint account, the joint account would be duplicated if your PFP settings are configured so that you can view each other’s plans. Intelliflo are currently looking at a solution to rectify this.

Regulation

Open Banking is part of the EU Payment Services Directive 2 (PSD2) and is fully regulated in the UK by the FCA. Providers of account integration services are required to be regulated by the FCA. Our technology partner and PFP provider, Intelliflo, is an FCA Registered Account Information Service Provider (RAISP).

Registering your PFP account

If you haven’t done so already, registering your PFP account is simple. It only takes a few minutes and can be done via your computer, tablet or smartphone. Visit https://attivofinancialplanning.mypfp.co.uk/account/register, enter your email address and follow the instructions sent in the activation email.