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Closed banking keeps your data within your financial institution, possibly reducing your ability to compare and explore other products and services easily. 

Open Banking uses APIs to allow you to share your data safely and securely using third-party providers, giving you, the customer, greater choice and control of your finances.
Open
Banking

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Created on June 27, 2024

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Closed banking keeps your data within your financial institution, possibly reducing your ability to compare and explore other products and services easily. Open Banking uses APIs to allow you to share your data safely and securely using third-party providers, giving you, the customer, greater choice and control of your finances.

Open

Banking

Newcastle Permanent

Customers

Third-party providers

Price comparison websites