Barclays prepares for Open Banking
Written by Chris Lemmon
Barclays has published a page on its website, describing to customers the bank’s Open Banking strategy and how it can provide them with more control of their financial information.
The bank has been working with registered third parties to develop application programming interfaces (APIs), which help to keep the benefits of Open Banking secure. APIs are commonly used by mobile apps and online tools to provide integrated services, allowing software developed by different companies to talk to each other.
Customers are not obliged to give third parties access to their data, and will be able to turn the Open Banking function off, if they do not wish to share their data with third parties.
A statement from Barclays read: “At Barclays we’re proud of our long history of helping people manage their money safely, utilising new technology to deliver convenient, personalised and great customer experiences that make banking better. We combine this with providing education and information to support you with fraud prevention.
“We‘ll be launching our Open Banking services early in 2018 and we’ll be able to tell you more soon. We’re working to make sure you get the most out of this new service while continuing to benefit from our existing mobile banking services, including making payments, moving money between accounts, and viewing your balances and transactions – all safely and securely.