What is Open Banking, and is it safe?
Open Banking lets regulated apps see your accounts or make payments with your permission, without ever seeing your bank login. Here's how it works and how you stay in control.
Oli Butcher, CEO, Riff
Published 18 October 2026 · Last reviewed 18 October 2026 · 2 min read
Short answer
Open Banking lets you give a regulated app permission to see your bank accounts, or to make payments from them, without sharing your bank login. You approve access in your own bank’s app, and you can withdraw it at any time. More than 16 million people in the UK use it.
How does Open Banking work?
When an app asks to connect to your bank, it sends you to your bank to approve the request. You log in with your bank, not with the app. Your bank then gives the app the access you agreed to, and nothing more.
There are two kinds of access:
- Reading your accounts: the app can see balances and transactions, for example to show all your accounts in one place.
- Making payments: the app can start a payment from your account, which you approve with your bank.
Does the app see my bank password?
No. You log in on your bank’s own website or app. The app you’re connecting never sees or stores your banking password or security details.
Who regulates it?
Apps that use Open Banking to see account data or make payments must be authorised or registered by the Financial Conduct Authority. You can check any firm on the Financial Services Register. The government is expected to legislate in 2026 to give the FCA new powers to set Open Banking rules.
What are variable recurring payments?
A variable recurring payment, or VRP, is a standing permission for an app to make payments for you within limits you set, such as a maximum per payment or per month. It’s how apps can move money between your own accounts without you approving each transfer. VRPs now make up 16% of all Open Banking transactions.
How do I stay in control?
- Only connect apps you trust, and check they’re on the Financial Services Register.
- Read what you’re agreeing to. Your bank shows which accounts the app will see and for how long.
- Withdraw access whenever you like, in the app itself or in your bank’s settings.
- Watch for regular reconfirmation. Apps have to ask you to confirm their access periodically.
Sources
This guide is general information, not financial advice. Rates and rules change, so check the latest position before you act.