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Thread: Open Banking ! starts today

  1. #1
    Master TKH's Avatar
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    Open Banking ! starts today

    Hmm not sure I like the sound of this very 'Big Brother'

    https://news.sky.com/story/open-bank...iment-11204816

    https://www.theguardian.com/world/20...e-surveillance

    together with the snoopers Charter it all seems a bit Dystopian to me or am I being paranoid ?

  2. #2
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    I don't think I will benefit from this so I'll be opting out.

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  3. #3
    Master
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    Opted out as a charter for scams.

  4. #4
    Grand Master Rod's Avatar
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    Why on earth would people opt in? I'm certainly not.

  5. #5
    Craftsman RJK35's Avatar
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    One to avoid

  6. #6
    Hmmm possibly not.

    Looks like they are trying to copy a lot of the supposed anti-corruption/AML/CTF and selling opportunities of the Indian banking model.
    It's just a matter of time...

  7. #7
    Master
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    Quote Originally Posted by Rod View Post
    Why on earth would people opt in? I'm certainly not.
    +1

  8. #8
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    Sounds like something which has a hidden government surveillance element which will once set up and run with little take up for a couple of years become compulsory for some reason down the line. Perhaps the next big terrorist outrage will be shown to have been funded in a way which this wonder process would have stopped, therefore we must for the greater good all submit to it.

  9. #9
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    Interesting to read the comments thus far. PSD2 and Open Banking (from European authorities and UK Gov respectively) are initiatives created with the best intentions of increasing competition in the interests of consumers. However, I'm not sure that consumers were really consulted as to what they wanted and there has been no useful communication to consumers on this.

    Quite naturally consumers see this cynically as a banking industry initiative in the interests of the banks, based on their view that banks would never do something that wasn't in their own interests. Ironic........

    I expect that this will be one of those things that will have slow adoption but will reach a tipping point after which consumers will adopt and use it to their benefit. We've had account aggregation on and off for almost 20 years and it's never taken off. This is a far safer form of account aggregation and the ability to make payments without all the layers of middle men will transform the economics of the payments industry, requiring creative technical solutions to cut costs - ultimately another benefit for consumers and merchants.

    This will also open the door for a whole host of non-financial brands to get involved in payments and retail financial services - could be a great thing, but could also be a can of worms in terms of consumer protection and adherence with regulations and best practice.

  10. #10
    Grand Master Rod's Avatar
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    Quote Originally Posted by ASW1 View Post
    This will also open the door for a whole host of non-financial brands to get involved in payments and retail financial services - could be a great thing, but could also be a can of worms in terms of consumer protection and adherence with regulations and best practice.
    I get enough spam and offers from other banks/finance already. Most people won't or are reluctant to change their bank in reality. More trouble ahead for the elderly being conned I think.

  11. #11
    Master aldfort's Avatar
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    Do you have to opt out? If so how do you do it?

  12. #12
    Grand Master Onelasttime's Avatar
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    Quote Originally Posted by aldfort View Post
    Do you have to opt out? If so how do you do it?
    I think they have to ask your permission first. Funny that I've not received any missives from my bank about this, but I don't think my bank is signed up to it if the list on the Sky News article is correct?

  13. #13
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    There is no concept of opting out of this. If your bank is one of those involved then you will have been sent new T & Cs which you either accept or move banks. Eventually all banks will be involved so you will be stuck.

    You do have to opt in to allow a third party processor (eg a payment aggregator or store card service) access to your account. However if/when the abilty becomes commercially advantageous then it will be difficult for a company to resist having to implement it. Then you'll find that if you want a Tesco card (for example) then you have to authorise them. That's ok, you can just go to Sainsburys/Waitrose/Asda, until you find they all have the same clause. Then where do you go? It will quickly become all-pervasive when any company not doing it becomes commercially disadvantaged.

  14. #14
    Master TKH's Avatar
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    Quote Originally Posted by Mr Pointy View Post
    There is no concept of opting out of this. If your bank is one of those involved then you will have been sent new T & Cs which you either accept or move banks. Eventually all banks will be involved so you will be stuck.

    You do have to opt in to allow a third party processor (eg a payment aggregator or store card service) access to your account. However if/when the abilty becomes commercially advantageous then it will be difficult for a company to resist having to implement it. Then you'll find that if you want a Tesco card (for example) then you have to authorise them. That's ok, you can just go to Sainsburys/Waitrose/Asda, until you find they all have the same clause. Then where do you go? It will quickly become all-pervasive when any company not doing it becomes commercially disadvantaged.

    a very astute insight

    and yes from what I have gathered if you ring say Santander / Lloyds and ask to 'opt' out they will not allow you and suggest you change banks !

    I can see people taking cash out to spend rather than using cards etc, and the rise of 'cryptos' as a result.

    Big Brother - a step too far

  15. #15
    Craftsman
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    Sounds awful. Who would sign up for every tom dick and harry knowing your bank balance


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  16. #16
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    I've had no updated T+Cs from any of my banks / building societies regarding open banking yet. However it seems even if I wanted to opt out or choose a bank that isn't part of this, my options will be so minimal it will quickly become a chore :(

  17. #17
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    Quote Originally Posted by Mr Pointy View Post
    There is no concept of opting out of this. If your bank is one of those involved then you will have been sent new T & Cs which you either accept or move banks. Eventually all banks will be involved so you will be stuck.

    You do have to opt in to allow a third party processor (eg a payment aggregator or store card service) access to your account. However if/when the abilty becomes commercially advantageous then it will be difficult for a company to resist having to implement it. Then you'll find that if you want a Tesco card (for example) then you have to authorise them. That's ok, you can just go to Sainsburys/Waitrose/Asda, until you find they all have the same clause. Then where do you go? It will quickly become all-pervasive when any company not doing it becomes commercially disadvantaged.
    Cheers for the insight, I still can't fully grasp the concept but it sounds like it's not really to our benefit?

  18. #18
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    Quote Originally Posted by ASW1 View Post
    I expect that this will be one of those things that will have slow adoption but will reach a tipping point after which consumers will adopt and use it to their benefit. We've had account aggregation on and off for almost 20 years and it's never taken off. This is a far safer form of account aggregation and the ability to make payments without all the layers of middle men will transform the economics of the payments industry, requiring creative technical solutions to cut costs - ultimately another benefit for consumers and merchants.
    Well that's peachy: can you guarantee that all of those cost savings will be passed directly on to the account holders? In reality we know we won't see a penny of it as it will all go to increase profits for the banks & other financial institutions. The banks have also made very sure that they are not responsible for any losses caused by the actions of the third part providers. If one of them empties your bank account it's up to you to sort it out directly with them. You'll end up talking to a call center in India or the Phillipines trying to find where all your money has gone.

    Quote Originally Posted by ASW1 View Post
    This will also open the door for a whole host of non-financial brands to get involved in payments and retail financial services - could be a great thing, but could also be a can of worms in terms of consumer protection and adherence with regulations and best practice.
    And this is one of the main issues. Until now entities like Google haven't had access to your bank account but now it potentially will. Image the deluge of advertising opportunites that will open up. They know you pay Aviva/Direct Line/Admiral every May so they will push insurance adverts at you from February onwards. They even know how much you pay for it so can be competitive. Pay your dentist? Expect to see an advert for a local rival. It's going to be one of the biggest advances in marketing & advertising for many years.

  19. #19
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    Quote Originally Posted by TKH View Post
    I can see people taking cash out to spend rather than using cards etc, and the rise of 'cryptos' as a result.
    The move to a cashless society is the next target & if they could any government would abolish cash tomorrow. The process is already underway & the younger generation are very comfortable with not carrying cash & paying for everything using contactless cards. Tried to pay cash when getting on a bus recently? Cheques have already almost disappeared from use & I can't remember when I last wrote one. I used to get through a book in a few months. Cash will take longer but I suspect it will go in my lifetime.

    Traders lke contactless as it saves them holding cash & leads to higher spending. Pay for a Starbucks using your card & it is painless as there is no association between an item & it's cost. Physically hand over a fiver & get almost nothing in return & you think 'that's a lot of money for a coffee'.

  20. #20
    Master robcuk's Avatar
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    Soon, applying for a mortgage will necessitate an opt in so we can check your financial ‘habits’ are as you stated, and now we can go back for years and years.

    All OK if you’ve always been financially astute, but for most of us....

  21. #21
    Master
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    This won’t end well and certainly won’t benefit customers I won’t be opting in until 8m absolutely forced to do so, I’m very old fashioned and try to pay for everything in cash keeping minimum amounts in banks, watching 5 separate people count the cash when I bought my last car was quite amusing though apparently they didn’t trust any of their employees enough was the reason.

  22. #22
    Quote Originally Posted by OliverD View Post
    Sounds awful. Who would sign up for every tom dick and harry knowing your bank balance


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    Well they already disclose your mortgage details, and any overdraft.
    It's just a matter of time...

  23. #23
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    Quote Originally Posted by Omegamanic View Post
    Well they already disclose your mortgage details, and any overdraft.
    I didn’t know that. All this stuff about data protection and apparently your bank won’t even keep your mortgage confidential.

  24. #24
    Quote Originally Posted by OliverD View Post
    I didn’t know that. All this stuff about data protection and apparently your bank won’t even keep your mortgage confidential.
    All credit. That’s what they use for credit checks.

    http://www.telegraph.co.uk/personal-...and-shares-it/
    Last edited by Omegamanic; 13th January 2018 at 23:34.
    It's just a matter of time...

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