Open Banking FAQs


Open Banking is an industry-wide initiative that allows you to view your payment accounts from different banks or building societies in one place. You’ll be able to see your Sainsbury’s Bank Credit Card information alongside your payment accounts from other providers, through regulated Third Party Providers. It’s a secure way to give these providers access to your financial information. This means you’ll have safe and secure access to view multiple accounts, with more control of your data, a better understanding of your accounts and increased flexibility over your finances.

General

Open Banking has been introduced as part of the Payment Services Directive (PSD2) regulations to give you greater control over your payment accounts, by allowing you to view multiple accounts held by you, with different providers, in one place. This should provide you with a more streamlined banking experience and help you manage your finances more easily.

PSD2 regulations apply to “payment accounts”. This is defined as an account that is used to make payment transactions. Payment accounts include current accounts, e-money accounts, flexible savings accounts, credit card accounts and current account mortgages.

No, it’s completely optional so the choice is yours.

Yes, you’ll need to be registered for online banking in order to see your Sainsbury’s Bank Credit Card information through Open Banking with a Third Party Provider.

With Open Banking you will never be required to share your private login details with any provider. Previously with some money management apps you needed to share your log in details with them to allow them to access your account. Going forward, providing consent to a Third Party Provider will be done during your login process so as to keep your log in details safe and secure. You should check that the provider you intend to use is regulated by the Financial Conduct Authority (FCA) or by an equivalent European regulator.

Access and consent

A Third Party Provider is an organisation that can, with your consent, access your account information to allow you to manage multiple accounts on one site or app. You should check that any provider you’re thinking of using is regulated by the Financial Conduct Authority (FCA) or by an equivalent European regulator.

When on a Third Party Provider site or app, you can choose to give them access to your Sainsbury’s Bank Credit Card account. When you do this, you’ll be directed to the Sainsbury’s Bank secure webpage to enter your online banking log in details and provide your consent. We will always ask you to confirm your consent before providing a third party with any access to your data. You’ll only have to do this once, then you should be able to see your Sainsbury‘s Bank Credit Card data via the Third Party Provider.

No, you will never be asked to share your login details with the third party directly, only via our secure webpage.

Sainsbury’s Bank will only give access to Third Party Providers who are regulated by the Financial Conduct Authority (FCA) or by an equivalent European regulator. You should also check that the provider you’re using is regulated by the FCA or a by an equivalent European regulator. They must be registered with Sainsbury’s Bank and you must have consented to them accessing your information.

Yes, you can, however you’ll need to provide consent to each provider separately, for each of them to access your data.

Yes, you can opt out at any time. To do this you need to contact the Third Party Provider that you granted access to, and request that they no longer access your account. If they continue to access your account without following your explicit request to stop access then please contact us.

Accounts

Open Banking is designed to give you greater control over your payments accounts, so you can only view your Sainsbury’s Bank Credit Card through third party apps and websites because it’s the only type of Sainsbury’s Bank product which is a payment account.

No, this isn’t a service that we provide at the moment; however, we may look to do this in the future.

Data and information

Once you’ve given consent to a Third Party Provider, we’ll provide your Sainsbury’s Bank Credit Card information to them, including:

  • Who owns the account
  • Account balance
  • Last six months of transaction information

The third party should also tell you what data they need and what they will be using it for.

Both you and the Third Party Provider will only be able to view the information – it’ll display on the Third Party Provider site or app. You won’t be able to make any changes or carry out any transactions.

Sainsbury’s Bank will only allow Third Party Providers to access specific details regarding your Credit Card, namely who is the account holder, balance information and information regarding transactions. Providers may ask for additional information (e.g. direct debits) but this isn’t something we’ll share. They may also request transactions for a specific period of time, but we’ll will only share the last six months of transactions.

The Third Party Provider should be able to mirror your credit card account balance and transaction information held on Sainsbury’s Bank online banking.

With Open Banking, your login details are safe, as you don’t share them with the Third Party Provider. And as part of their registration with the Financial Conduct Authority (FCA), they’re obliged to be careful with your data, and be open and honest about how they’ll use it.

You can check the FCA website to find out whether a firm is registered or authorised to carry out relevant activities in the UK under the Payment Services Regulations 2017.

Certain other types of firms may also provide these services – for instance UK and EU banks and the EEA equivalents of regulated third party providers in the UK.