Open Banking: a guide | Chelsea Building Society

Open Banking provides options for how you bank. This means you are able to use different services to manage your money or make payments. A good example of this is an app or website where you can now see all your accounts with different banks and building societies in one place. Don’t worry though, your data is not shared unless you choose a company to share it with and give consent to do so.

The Open Banking changes will allow you to get a consolidated view, provided by a Third Party Provider (TPP), of all your payment accounts with various organisations via a secure log-in. This could help you to manage your money more easily, for example being able to see your account transactions from your different accounts with different banks and building societies.

What can I do with Open Banking?

If you hold an eligible payment account, services that you will be able to sign up to include:

Seeing all your eligible accounts with different financial institutions in one place
Comparing accounts and account services
Paying directly from your bank account rather than using a debit or credit card
Setting up a standing order
Allowing third parties, once authorised by you, to check if you have available funds to pay for goods and services

For a full list of eligible payment accounts, visit our payment account services page.

Third Party Providers (TPP)

A TPP is a third party provider. Every TPP that uses Open Banking to offer products or services must be regulated by the FCA or another relevant European regulator. A customer will be able to give consent to a TPP to allow them to access information on their payment accounts. An approved TPP can be found on the FCA register.

There are three types of TPP:

Account Information Service Provider (AISP) - a third party to whom you grant consent to view your account(s) alongside your payment accounts from other banks and building societies.
Card Based Payment Instrument Issuer (CBPII) - a third party to whom you grant consent to check if your account has available funds when making a payment.
Payment Initiation Service Provider (PISP) - a third party to whom you may grant consent to make a payment on your behalf.

Registration Issues

Before you can sign up to TPP services you need to be registered to YBSG online services through our website.

Please visit https://www.thechelsea.co.uk/help/online to find out more.

Yes, you will need your existing customer number or username along with your password to authorise the TPP to access your payment account information.

Please visit https://www.thechelsea.co.uk/help/online/registration for help on logging in.

Please visit our website and login using the temporary password; you will then be able to set up a new password.

Please visit https://www.thechelsea.co.uk/help/online/registration for help on logging in.

Please ensure you are entering your customer number and not your account number.

Please visit https://www.thechelsea.co.uk/help/online/registration for help on logging in.

Consent Issues

Your account may not be eligible for this service. For a full list of eligible payment accounts, please visit
https://www.thechelsea.co.uk/help/payment-guidance/payment-account- services

Unfortunately, this is currently not possible for AISPs. All authorisations last for 90 days and require refresh after 90 days.

For CBPIIs, authorisation is not limited to a time period unless you state otherwise.

This does not apply to PISPs.

You can cancel any TPP authorisation you have made directly with the TPP or by logging into your account. Once you are logged in select ‘My Profile’ and then select ‘information sharing permissions’ from the menu.

Please call us on 0345 1200 100 and we will be happy to help you.

Visit the FCA website and search for the approved TPP via the FCA register. Always ensure you use the genuine TPP’s website or app. Fraudsters often set up fake versions of websites in an attempt to obtain information.

Account issues

Your account may not be eligible for this service. For a full list of eligible payment accounts, please visit https://www.thechelsea.co.uk/help/payment-guidance/payment-account- services

Please contact your TPP to revoke TPP access using the TPP app or website.

Currently, our other savings accounts that are not online payment accounts cannot use TPP services. Your account may not be eligible for this service. For a full list of eligible payment accounts, please visit https://www.thechelsea.co.uk/help/payment-guidance/payment-account- services

The TPP can access up to 2 years of information from your account until their access expires or you have revoked access for that TPP.

If any of your details displayed by the TPP service are incorrect, for example the balance does not match, some or all of your accounts are missing or your transaction history is not displaying, please contact the TPP directly.

Please call us on 0345 1 200 100 and we will be happy to help you.

Yes.

Please call us on 0345 1 200 100 and we will be happy to help you.

A Payment Initiation Service Provider (PISP) is a third party to whom you may grant consent to make a payment on your behalf.

Please call us on 0345 1 200 100 and we will be happy to help you.

Please contact your TPP.

CBPII questions

A CBPII provider can check a customers available balance before accepting any payment. Customers who have a CBPII issued card from their payment provider can use this card to make payments. This is a new offering by third parties and full details are yet to be disclosed and will depend on the TPP.

Please contact your TPP.

Standing orders

Yes - you can now set up a standing order instruction via the TPP.

No - you cannot amend of delete via a TPP. However, you can use via your existing YBS online banking services to amend or delete a TPP.

Please contact your TPP.

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