Open Banking gives you a new way to link you bank accounts with your secure client portal PFP, enabling you to view all your finances in one secure place.
What is Open Banking?
Open banking mandates bank account providers to make your account details available to you so that you can share them with other applications such as our secure client portal – PFP. Open banking puts you in charge of your data.
What are the benefits?
It enables you to see all of your finances in one place. This includes your current accounts, credit card accounts and some savings accounts.
By linking your accounts with PFP your account balances and new transactions are automatically updated in PFP every day. Transactions are automatically categorised enabling you to view how and where you are spending your money. The graphs, filters and search functions let you analyse your spending patterns over different timeframes.
You can re-categorise transactions singly or in groups to improve and personalise your data, over time the PFP categorisation ‘engine’ will learn from any re-categorisations you make therefore improving accuracy.
You can set ‘PFP insights’ to notify you of the categories that you spend the most in weekly and also when large transactions pass through your accounts. You can also set monthly budgets for spending in categories and track your progress against this.
Which banks are currently linked?
The 9 largest UK banking providers are already linked, and more are being regularly added.
Already linked:
- Barclays Bank
- LLoyds Bank, Bank of Scotland, MBNA and Halifax
- HSBC, First Direct and M&S Bank
- RBS, NatWest and Ulster Bank
- Nationwide
- Santander
- AIB Group UK and FIrst Trust
- Bank of Ireland
Next banks to link are:
- TSB
- Tesco Bank
- Metro Bank
- American Express
- Clydesdale Bank
How do I get Open Banking?
When logged in to PFP please go to the ‘Spending’ tab and from there you will be able to link to your bank accounts.
Is there a charge?
No, it is free.
I had previously linked my bank accounts via Yodlee, what do I need to do?
Please remove any existing ‘client added’ plans. Once deleted please re-add your accounts via the new open banking route under the ‘spending’ tab.
What if I change my mind and no longer want to use Open Banking?
You have full control and you can revoke access as and when you want to. Within PFP go to Menu > Linked Accounts and click on the bin icon.
Will my accounts be there all the time and continue to update?
Every 90 days the accounts will need to be ‘refreshed’. You will receive a reminder as and when this is required, but while your accounts are live the accounts will update daily.
Does Open Banking support joint accounts?
Open Banking does not fully support joint accounts yet. Please be aware that any accounts which you link to your PFP will be treated as personal accounts.
What happens to my personal data?
Our privacy policy has been update to include Open Banking. Specifically:
Categories of personal data
All personal data processed through the PFP, as well as information collected from payment service providers.
Purposes of processing
For the provision of the PFP open banking service, which is an account information service. An account information service is an online service which provides consolidated information on payment accounts held by a client with payment service providers (such as banks).
Recipients of personal data
Intelliflo Limited and its service providers.
Transfers of personal data outside of the EU
None
Automated decision making
The PFP open banking service does not utilise personal data to make automated decisions.
