Yes, Open Banking is designed to be very secure. This is thanks to the strict rules around how it works and how your data is kept safe with rigorously tested software and security systems. You’re also protected by data protection laws and the Financial Ombudsman Service.
For your peace of mind, any apps or websites participating in Open Banking must be registered in the Open Banking Directory and are regulated by the Financial Conduct Authority (FCA).
Your information will only be shared if you give permission to an authorised provider. Importantly, you should never be asked to share your password or login details with anyone other than your own bank or building society, ensuring your data remains secure. Here’s some more information on Open Banking