Open Banking helps you move, manage and make more of your money, safely. It's a government-backed technology, that provides a simple, fast and secure way for banks to share a snapshot of your financial information, with other providers that are regulated by the Financial Conduct Authority (FCA).
The benefits of sharing this data means regulated providers like Tandem can:
Easily verify who you are to avoid lengthy sign up processes
Analyse your spending and provide personalised recommendations
Allow you to make payments directly from your bank account
How does Tandem use Open Banking?
We use Open Banking to make saving with Tandem simple to set up andeven easier to manage. With your permission, it allows us to connect to your UK bank account for the following reasons.
Quick ID verification
There’s no need for you to fill out lengthy forms or even provide your passport or ID for us to verify who you are. We can access this informationdirectly through your UK current bank account.
Fast transfers
Open Banking also makes it easy for you to quickly move money back and forth between your current account and your Tandem savings accounts,without having to leave the app.
Quick ID verification
There’s no need for you to fill out lengthy forms or even provide your passport or ID for us to verify who you are. We can access this information directly through your UK current bank account.
Fast transfers
Open Banking also makes it easy for you to quickly move money back and forth between your current account and your Tandem savings accounts,without having to leave the app.
MORE FAQS
How exactly does Open Banking work?
Tandem accesses Open Banking technology through our partner TrueLayer – a regulated Open Banking provider, built to connect banks, people and brands. Over half of all UK open banking information flows through its platform. This is how we connect to your UK current bank account.
For more information on what data is shared through Open Banking, please review our Privacy Notice. You can also find out more about Open Banking here.
1.Which banks can you connect via Open Banking?
The number of banks and building societies that offer connection through Open Banking is growing. At the moment, we are able to access over 75 banks and building societies accounts, including:
To find a full list, search on the bank picker section in the app to see if your bank is supported, or visit here.
2.Are there limits on how much money I can transfer using Open Banking?
Money transferred through Open Banking is processed using the UK's Faster Payments system - however each bank applies their own daily payment limit.
3.How long do transfers take when using Open Banking?
In most cases your money will arrive in your account almost immediately, but sometimes it can take a little longer. Please allow up to 2 hours for it to show.
Start saving for a greener future
Download the Tandem app on iOS or Android and open an account today.
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