TPP's - Banks Sharing Personal Details...

[jshell]

Just had a letter from my bank saying that they are to share my personal details with so called Third Party Providers. WTF? Anyone else have reservations about what seems to be an EU forced compromise of my private affairs?

http://www.thisismoney.co.uk/money/saving/article-...

[hyphen]

Does the letter give you an option of opting out?

[55palfers]

When I phone any of my banks, I have to give about 6 pieces of information to prove I am who I say I am.

Now the banks want to give my data out to all and sundry?

Who thinks this stuff up?

[CzechItOut]

Isn't this opt-in, rather than opt-out?

Banks will build APIs which which have the capability to allow third parties to retrieve your details, balances, transactions etc.

You will have to download an app (such as the HSBC Beta mentioned) and give the app consent to access your data. As part of this consent you will also verify your identify with your bank so they know the third party has your permission.

Only then will a third party be able to access your data.

[boxedin]

https://www.openbanking.org.uk/background-to-open-...

A waste of time and money IMHO, but there's a lot of excitable people working on this.

[55palfers]

Just looked at the slides in the link.

As you say, a lot of excitable people. Can't see one single benefit for me. Or many others come to mention it.

"Open Banking is a brand new, secure way for
consumers including small businesses to share
information, allowing new and existing companies
to offer super-fast payment methods and
innovative banking products.

It has the power to revolutionise the way we
move, manage and make more of our money."


Just what we need - more "innovative banking products"

Another portion of 2008 anyone?



EDIT - So every one of my Banks and credit card companies will need to contact me by letter then?

Edited by 55palfers on Tuesday 5th December 19:25

[mjb1]

My understanding is that you need to give permission every time you want someone new to have access to your accounts. I think the idea is that you will be able to see all your accounts in one place (app), so you won't need to use separate app for each bank. Sounds like a solution looking for a problem to me, not to mention the security risks it brings.

Oh, and your bank already sells your personal details (income etc) to third parties.