What is open banking and how it works
Open banking is a way of giving regulated companies, secure, limited access to your bank account, with your permission, so that they can provide payment and account information (data) services that are helpful to you.
This means when you share your data with a third party, you can securely access and manage your finances in a new, personalised way that can save you time and money.
For example, with open banking you can have a single view of all your different bank accounts in the one place. It also creates opportunities to receive more competitive financial product offerings, and budgeting tools to help you manage your money.
FAQs
Under the open banking regulations, sharing your account information with a third party is achieved through secure APIs (which stands for Application Programming Interfaces).
APIs make it possible for the software at the third party company such as accountancy platforms, to securely obtain your consent and access your information from the software at Zempler Bank.
Once you’ve provided your consent to the third party (ensure they’re in the open banking directory), you’ll be redirected to the Zempler Bank online login to enter your login details securely. You then confirm you’re happy to share the data with the third party, for example, your account name, number and sort code, and details of your transactions.
- Once you’ve checked that the third party website is registered with the open banking directory, go to their app or website and read their T&Cs upon registering.
- As part of the registration process, you’ll need to select Zempler Bank
- You’ll then be redirected to a Zempler Bank login screen URL which looks like: https://identity.ob.zempler.com/Account/Login (along with your unique code extension).
- Enter in your Zempler Bank login details.
- They will be redirected back into the third party website.
- You can go to Online Banking to check that the connection has been successful.
If you’ve given consent to share your data with a regulated bank or third party provider, to withdraw your consent at any time you can either do this via the third party provider or by logging in to Online Banking and go to Settings > Manage Sharing Permissions.
The reauthentication process can vary depending on your third party provider (TPP). When you refresh your data in the platform, or the third party runs a scheduled update, the connection will be marked as inactive or expired, and needing reconnection.
Follow the steps within the third party platform to reconnect. This process will be similar to when you first created the connection.
For Xero and Quickbooks, log in to your TPP account and you’ll either see an alert about your Zempler connection directly or following a requested refresh of transactions – follow the steps to reauthenticate.
For Pandle, log in to your Pandle account and request ‘Refresh Bank Feed’ and you’ll be taken through the reconnection process.