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Open Banking overview
Open Banking overview

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Written by Pomelo Pay
Updated over 2 years ago

In this overview we will cover:

  • What is Open Banking?

  • Is Open Banking safe?

  • How to link your bank account to Open Banking

  • Renewing your access to your bank account

  • How to renew your connection

  • What type of accounts can be used for Open Banking?

  • Banks that offer Open Banking

What is Open Banking?

Open Banking is a banking practice that makes use of APIs to connect banks, third parties and technical providers with open access to consumer banking, transaction, and other financial data. It means that you can securely give Pomelo Pay access to your bank information, to allow us to make payouts to your bank account.

At Pomelo Pay, we recognise that digital payments are the driving force for the way that people take payments. Our Open Banking integration improves financial services for customers by opening up access to data customers historically kept in-house, and allows new companies and products that come to market, (like us!) to use this data in helpful, innovative ways.

With banks effectively putting in place the infrastructure for their customers’ data to be shared more easily with third parties (like us) when the customer chooses to do so. Open Banking is recognised as a safe practice.

Is Open Banking safe?

Yes. Open Banking is designed with the highest security. Here's how:

  • To enrol in the Open Banking directory, providers have to comply with the strict rules of the FCA. We are trusted to provide Open Banking as we are authorised and regulated by the FCA as an Account Information Services Provider (AISP). This means we are bound by data and security regulations. You can find us on the FCA register here.
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  • Your money and transactions are always encrypted and stored securely, only to be used for remittance and compliance purposes.
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  • There are high bank security levels, so you will never be asked to give access to your bank login details or password to anyone other than your own bank.
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  • Open Banking brings extra protection - you are protected by your bank and data protection laws, and at Pomelo Pay, it allows us to minimise fraudulent customers too, making our platform safer place.

How to link your bank account to Open Banking

Linking your bank account with Open Banking is a seamless process.

  1. Log into your App or Dashboard.

  2. Navigate to Settings.

  3. Tap Bank accounts.

  4. You'll see a list of bank accounts you have already added.

  5. Tap Add a bank account.

  6. Then you'll be presented with a quick overview of Open Banking and tap Connect your bank account.

  7. Select your bank account from the list.

  8. Read the terms and when you are happy to progress, tap Accept & continue.

  9. We will securely take you from Pomelo to your banking app (or to your online banking in a browser, if you don’t have a banking app installed).

  10. Login to your banking app using your fingerprint, passcode, or even connect at a glance using FaceID.

  11. Tap a button to approve connecting your account to Pomelo, and your bank will take you back to Pomelo.

Renewing your access to your bank account

Our connection to your bank through the Open Banking system only lasts 90 days before access must be renewed.

Under Open Banking regulations, every 90 days you need to reconnect your bank accounts to Pomelo. By validating this, it makes sure that you are still happy to use the service.

Renewing access to your account restarts the 90 day period. Your 90 day period can be restarted at any time.

How to renew your connection

  1. Login to your App or Dashboard.

  2. Navigate to Bank accounts within settings or tap the banner asking you to renew.

  3. Select your bank account from the list.

  4. Read the terms and when you are happy to progress, tap Accept & continue.

  5. We will securely take you from Pomelo to your banking app (or to your online banking in a browser, if you don’t have a banking app installed).

  6. Login to your banking app using your fingerprint, passcode, or even connect at a glance using FaceID.

  7. Tap a button to approve connecting your current account to Pomelo, and your bank will take you back to Pomelo.

How will I know when it has been 90 days?

Pomelo will notify you via email and push notification when are required to renew your connection.

What types of accounts can be used for Open Banking?

Customers need online or mobile banking for your payment account, such as personal and business current accounts, credit cards and online e-money accounts.

At Pomelo Pay, a UK bank account is necessary for Open Banking. If you do not have a currency in GBP, then you won't see the Open Banking flow.

Banks that offer Open Banking

A - D

F - N

R - Y

AIB Business

First Direct Bank

Revolut

AIB NI

Halifax

RBS

Allied Irish Bank

HSBC

Santander

Bank of Ireland

HSBC Business

Tesco Bank

Bank of Ireland Business

Lloyds

Tide

Bank of Scotland

Lloyds Business

TSB

Bank of Scotland Business

MBNA

Ulster Bank

Chelsea Building Society

Mettle

Yorkshire Building Society

Capital One

Monzo

Coutts

M&S Bank

Cumberland

Nationwide

Dankse Bank

Natwest

Dankse Business

Find out more about Open Banking here https://www.openbanking.org.uk

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