OT - Open Banking

Yes, he is.

No. You can't generalise like this.

Yes, I do.

common sense.

Far too many cousins back in the subcontent who can skim details especially if he also glances at the 3 digit security code on the back.

I mistrust ANYONE who takes my card and processes it other one in my sight.

On sorry sir that card reader is playing up, try this one'

Not especially.

Yes.

The worrying thing, gleaned from a couple of things I read seems that customers have to authorise/deny organisation from obtaining their banking information rather than it being controlled at source by their bank.

Staggering, Since their new stockbroking website went live, I cant even access my *own* account.

Hm,

"For example, instead of having your bank account with one provider, and your credit card with another, you would choose a current account from your bank, then select other products such as credit cards and insurance from a wide marketplace"

So how is the second part any different at all from "having your bank account with one provider, and your credit card with another"?

The only possible advantage that I can see here is if I can have "guaranteed" switching al la utility switching.

So that If I have a credit card with ABC bank and I see that XYZ bank are offering a better deal, I can force XYZ bank to give me their card instead of the one that I already have from ABC Bank with no faffing about proving "eligibility".

but I bet you my spare million pounds that this isn't on offer

(Unfortunately, I don't have as spare million pounds[1] - so no takers please)

tim

The problem appears to because the government is introducing new 'Open Banking' laws. Barclays are perhaps a little ahead in complying perhaps because of the other troubles they have been in.

except it's not

When I use a switching site, whether insurance or utility company, the new company do NOT look at, or even have access to, my transaction record with the old one before accepting me.

Because I (and I presume most people) don't want to provide them with such access.

And, for the same reasons, I don't want all and sundry having access to my bank transaction data either

It beggars belief that the TPTB think that I might.

tim

Search me. In fact that is how I've operated for the last 15 years.

never have your credit account(s) the same place as your deposit account(s)

if you do you will find that the bank can dip into your deposit account to repay a debt in your credit account (obvious not as the first course of action)

tim

It isn't

You can get this already.

Absolutely.

..they certainly are racist

for cards. no I can't

I may be able to find a site that will recommend a new card - but there's no such thing as "switching cards"

tim

In a desperate attempt to introduce some actual competition in the banking market.

Well they appear to be going to destroy the competition in the energy market.

Not even possible anymore with applepay.

Same with online transactions too.

Sometime even you dinosaurs will notice.

HAHAHAHAJ!

It's even worse. You give full card details AND your security code.

I went into my computer man to but an SSD and said 'bugger, I wanted to pay with this new account but I've forgotten the pin number'

'No problem, if I pretend you ordered it online, all I need is the security code'

Poor little Hankat, really drunk the 'new shiny thing make it all better' koolaid.