Open banking is an industry-wide change introduced by The Competition & Markets Authority in the UK. It will deliver a platform for greater competition, innovation and choice for clients. This means these new services won’t just be offered by Royal Bank of Canada, but by other banks and companies as well. It gives you, as clients, more control and freedom over your financial data - helping you to bank in new ways.
It will enable personal clients, should you choose to do so, to share your data securely with other banks and regulated third parties, allowing them to compare products, initiate payments and request account information. The data is shared via Application Programming Interfaces (APIs).
It will always be up to you if you want to share data with an Open Banking service, which means nothing is shared with services you haven’t signed up for.
The regulation that supports open banking only applies to clients that hold payments accounts with Royal Bank of Canada in the United Kingdom. As this is a UK initiative, the service is not currently available for Channel Islands clients.
If you are a Financial Conduct Authority (FCA) authorised Third Party Provider (TPP) please click here to access our dedicated Open Banking portal.
RBC Europe Limited, Riverbank House, 2 Swan Lane, London. EC4R 3BF
+44 (0) 20 7653 4000
+44 (0) 20 7329 6145
Registered in England and Wales No. 995939
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority for UK banking business.