Open Banking: How We Keep Your Data Safe

Open Banking is a UK regulatory framework that lets authorised third parties access your bank data with your explicit consent. It was introduced to increase competition and give consumers more control over their financial data. For Financial IQ, it means we can pull in your transactions and balances automatically without you ever sharing your banking login credentials with us. The authentication happens directly with your bank, and we receive only the data you have consented to share.

Security in Open Banking is layered. First, only companies authorised and regulated by the Financial Conduct Authority can access Open Banking APIs. Second, the connection uses strong customer authentication, typically requiring your banking app or a one-time code to approve access. Third, the data transmitted is encrypted in transit and at rest. Fourth, consents are time-limited and revocable at any point, either through our app or directly through your bank.

On our side, we apply additional protections. Bank feed data is processed in isolated environments with strict access controls. Our engineering team follows security-first development practices including regular penetration testing, dependency auditing, and incident response planning. We publish a clear data retention policy so you know exactly what we store, for how long, and why. The goal is to make bank connectivity as seamless as possible while maintaining the highest practical standard of data protection.