About

Equifax is an active participant in the Open Banking Implementation Entity, helping to shape the guidance on how Open Banking Standards will be implemented and maintained as we all transition to a new environment of consumer empowered data sharing.

What is Open Banking?

Open Banking is an exciting development that will transform the customer banking experience, helping consumers and businesses to use their financial transaction data to access products more easily, and better understand their finances. Its aim is to enable people to securely and seamlessly share their bank transaction data, for example when applying for a mortgage, or when looking for deals on a comparison site, giving them access to the best products and rates for their financial circumstances and removing disjointed, clunky application processes.

Implemented by the Competition and Markets Authority (CMA), the Open Banking reform aims at increasing innovation and improving competition. The requirement from the CMA also coincides with the EU legislation, the revised Payment Services Directive (PSD2), which requires all payment account providers across the EU to provide third party access.

How does it work?

User grants permisson to seamlessly and securely share financial transaction data using APIs

APIs allow the user to sign into their bank and give access to the financial data without the need to hand over sensitive data such as passwords

The data collected is automatically analysed to better understand how the account is used

The results help to tailor the best possible advice/product for the user, removing lengthy applications

The benefits

We believe that combining new and open data with traditional sources will transform the way creditors manage and serve consumers, improving financial accessibility, consumer choice and customer experience. We have invested heavily in new software and a state-of-the-art big data platform. This will enable us to run analytics on a whole new scale, leveraging advanced tools such as machine learning to harness the potential predictive power of the transactional data underlying the Open Banking initiative. Key to our offering is a network of partners that give us access to transactional data analytics which will help advance our insights further.

Any questions?

Read our Frequently Asked Questions to find out more about Open Banking and what it means for:

BUSINESSES
CONSUMERS
DEVELOPERS

Our specialist team of consultants would be happy to assist you with your Open Banking enquiries.

CONTACT THE TEAM

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