What is Open Banking?

Open Banking is a data-sharing and payment initiation part of the Revised Payment Services Directive (PSD2) issued by the EU Commission. The goal of Open Banking is to increase pan-European competition in financial services, allow for participation in the payments industry by non-banking organisations (like us) and give people like you ownership of your financial data.

How does Open Banking work?

Thanks to something called application programming interface (API), banks can share your data with third-parties like us. But for us to access your bank data through Open Banking, we need permission from you first, so we’ll ask for explicit consent before prompting you to log into your bank and link your account.

Who benefits from Open Banking?

Monese customers like you will benefit greatly from Open Banking as it’ll essentially let you share your bank data with apps like ours to help you make better financial decisions and manage all your accounts integrally. You can find the data that'll be shared with us [here](https://support.monese.com/hc/en-gb/articles/4412769241362).

Is Open Banking safe?

Open Banking is very secure as you are in control of your data. By regulation, authorised third parties need to prove that we’ll keep your information safe, which we do with bank-level security. You’ll need to reauthenticate your linked account every 90 days to keep it linked and visible in the app but you can revoke access to your data at any time.

How to access developer portal?

You can access developer portal [here](https://developer.tell.money/private/monese).

Monese with open banking: manage everything in one place

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Monese with Open Banking – everything in one place

View and manage all your UK bank accounts in your app

Open Banking technology

Thanks to Open Banking technology, you can easily link a UK bank account to your Monese app in just a few simple steps straight from your app. With Open Banking, you also benefit with an easier way to top up via Instant Bank Transfers.

Linking a bank account

Link more than one UK bank account to your Monese app to view and manage all your money accounts and balances in one single place.

Learn more about linking a bank account

Benefits of linking a bank account

When you link an account to your Monese app, you get a holistic view of all your money. At a glance, you’ll be able to determine how much you can afford to spend or save. Managing all your money, balances and accounts will be easier, making things like creating budgets simpler.

Easier, Instant Bank Transfers

With Open Banking technology, you can also add money to your Monese account from a linked UK bank account for easier and instant payment transfers - all without leaving your app.

Learn more about Instant Bank Transfers

EN Easier, instant bank transfers - visual

Benefits of Instant Bank Transfers

With Instant Bank Transfers, you’ll save time as you won’t need to enter details asked of you during a typical bank transfer – so, no risk of entering any wrong account information when transferring money!

Your data stays protected

When you link a UK bank account to your Monese app, you're in control of your data and it stays protected with sound security. You'll need to reauthenticate your linked account every 90 days and you can also cancel your linked accounts any time.

Open Banking FAQs

What is Open Banking?
How does Open Banking work?
Who benefits from Open Banking?
Is Open Banking safe?
How to access developer portal?

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