What is Open Banking? 🔓
The purpose of Open Banking is to transfer ownership of account information from banks back to the customer.
The regulation behind it (called PSD2) aims to give you control of your financial information and allow you to securely share it with other banks and third parties, such as Moneybox.
This new regulation will enable you to decide where your data is shared, as well as how long you wish it remains accessible. You’ll also be able to change your access preferences at anytime.
What this means for Moneybox users 📲
One of the ways that we help our customers save money is through our popular round up feature, allowing you to round up everyday purchases to the nearest pound and set aside the spare change. In order to do this, we connect to the bank account you select, and, with your consent, collect transaction data that is then shown in the Moneybox app.
Under the new regulations, every bank must be compliant with Open Banking and make this direct connection available to banks and third parties at the customer’s request. This is great news for Moneybox as it means that many more customers will be able to benefit from our round ups feature.
Open Banking is simple and fully secure. You will never be asked to share your password or login details by anyone other than your own bank or building society. You’re in control and will be able to choose which services you use and which providers you allow to access your information.
For more information on Open Banking, visit www.openbanking.org.uk
Next steps for Moneybox users 👣
Due to these new regulations, as of Friday 13th March 2020, we have switched off all previous round up connections and begun migration over to our new Open Banking connection.
We currently have the following banks live:
- Bank of Scotland
- First Direct
If you had round ups connected via one or more of the above banks and have not yet taken action, please reconnect as soon as possible so that you don’t miss out! (see below for details on how to reconnect)
Under this new regulation, we’ve also been able to connect to new banks, giving many more of our customers the opportunity to use our round ups feature. Newcomers: Bank of Scotland, Revolut and Tesco can now be linked to your Moneybox account, with more banks on our roadmap.
Over the next few weeks users with the following banks (that already had a live connection) will be prompted to connect via our new Open Banking process:
- American Express
Currently, the above banks are no longer able to use our round up feature. In the meantime, we encourage users to use our weekly and one-off deposits instead. We’ll be sure to get in contact as soon as these banks are ready for reconnection.
Please make sure you are on the latest version of the app to get all our latest updates.
How to reconnect your round ups 🚀
It’s important that you reconnect your round up accounts when prompted. To reconnect, make sure you’re on the latest version of the app and your bank is available (from the first list above). Head to Settings > Round ups > Round up accounts, select your bank and then tap on ‘Renew’. You will then be taken to your bank to give your consent. Once you have successfully connected, you will see your connection with an expiry date. You will need to reconnect every 90 days, as per current regulation.
As always, if you have any questions please contact our support team via chat or email@example.com