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Corporate Open Banking Service

Open Banking is transforming how consumers and businesses can share their financial data securely and, in turn, enabling development of innovative financial services and products. Barclays is at the forefront of supporting this industry initiative.

New data sharing and payment options

As well as using the wealth of functionality provided by Barclays Channels to access your accounts for Balance and Transaction Reporting (BTR) and make payments, you can now do so via Open Banking.

There are a growing number of Third-Party Providers (TPPs) who are regulated by National Competent Authorities (e.g. the Financial Conduct Authority (FCA) in the UK, the Central Bank of Ireland, etc.) as Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) offering you access to your accounts at Barclays and your other Banking partners across Europe. Sharing your data with TPPs presents you with new solutions and capabilities.

Open Banking explained

How will TPPs access my business/organisation's data?

Will I require any additional facilities with the bank?

If you wish to use a PISP to instruct BACS payments from your accounts, you will need to contact your Relationship Director to agree a suitable settlement risk limit (this is separate from any limit in place against BACS payments instructed via Barclays’ own channels). BACS capability will also be limited to single debit/single credit (i.e. not batch debit) initially, but full functionality will be available by September.

Insight

Open Banking

What is it, and what does it mean for me?

How can Open Banking at Barclays support your business?

If you are a regulated Third Party Provider (TPP) offering Account Information Service Provider (AISP) or Payment Initiation Service Provider (PISP) functionality, you can extend your offering to Barclays corporate clients by connecting to our open banking service.

Or, if you are a Barclays client and have identified the services of a TPP that you would like to use, you can apply to have your Barclays balance and transaction information supplied to them and for Barclays to accept payment instructions initiated by your users through your TPP.

You can then:

  • Access Barclays accounts and aggregate accounts across multiple banks directly through your chosen TPP’s application/solution
  • Stay within your TPP’s application/system to access bank balance and transaction information or initiate a payment instead of having to log into their bank’s application/portal
  • Create and approve any payment instructions via the TPP’s application/service using SWIFT 3SKey Security Tokens.