Money Dashboard and Open Banking
We are committed to bringing the best practices in the industry to you. Money Dashboard is one of the pioneering companies to push for Open Banking to be adopted. We are excited and committed to bringing a better than ever service and experience to our users. On top of that, we understand the benefits of Open Banking and how it contributes to added security when it comes to credential sharing for our customers.
What does Open Banking mean for Security?
With Open Banking, it gives you more control over your data and how you share your financial information. When connecting via an 'Open API', it allows for a direct channel that connects to your bank account to third party services like Money Dashboard.
The current method that is supported by banks is to go through 'credential sharing' via a data aggregator. As Open Banking is still a work in progress, you are able to benefit from Money Dashboard's services as we work closely with our data partner Yodlee to give you the same protections in the unlikely event that something goes wrong.
It's worth noting that the Government, Financial Conduct Authority, Open Data Institute and British Banking Association all recognise that the data we are processing is the property of the consumer, not the banks, and that in that capacity the consumer should be able to instruct an agent (such as Money Dashboard) to process this information for them.
To this end Money Dashboard is now a designated Account Information Service Provider (AISP) authorised and regulated by the Financial Conduct Authority, registration number 800652.
For more information on the FCA's provision of AISPs, see here - https://www.fca.org.uk/consumers/account-information-and-payment-initiation-services
and in particular this paragraph from the 'Sharing security details' section:
**"Your banking terms and conditions should not prevent you from sharing your credentials with regulated AIS or PIS providers. Your bank cannot hold you responsible for unauthorised transactions just because you have shared your credentials with regulated AIS and PIS providers."**
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