Open Banking is a secure and simple way to give authorised providers (like Chip) access to the financial data your bank already holds. Think of it as allowing your bank to securely share a read-only copy of your financial information with apps you trust.
Why Does it Exist?
This scheme was set up by the government in 2018 to bring more competition and innovation to the financial services industry. It ensures that UK banks must allow you to share this information securely with third parties if you choose to.
How does Chip use your data?
Your "data" is the day-to-day information your bank has, like your account balance, transactions, and spending and saving habits.
The data we see allows us to calculate what you can afford to set aside, powering features like autosave and autoinvest, and helping you manage your money and reach your Goals faster.
Is it Secure?
Yes, it's secure, and you are always in control.
Regulated: Every provider that uses Open Banking, including Chip, must be regulated by the Financial Conduct Authority (FCA).
Secure Connection: We connect to your current account securely using a provider called TrueLayer. They use an 'Open Banking API' (Application Programming Interface) to create a direct link between your bank and Chip.
Your Details are Safe: You'll never be asked to share your password or login details with Chip or TrueLayer. You only ever share those credentials with your own bank, and Chip or TrueLayer will never store them.
How open banking enables faster payments
Open Banking is key to making your transfers into Chip quick and seamless.
When you make a connected bank transfer into your Chip account, we use the Open Banking connection to initiate an instant transfer.
Instead of having to manually leave the Chip app, log into your bank, and set up the payment details yourself, Open Banking allows us to do this securely for you. It streamlines the whole process and speeds up the time it takes for your money to reach Chip.
Need further help?
If you have any further questions, get in touch with our support team using the in-app chat (this can be found in the Contact us section on the Profile tab) or by email at hello@getchip.uk for further help..