Open Banking
How FinChat connects to your bank accounts securely and what it means for you.
What is Open Banking?
Open Banking is a UK government-backed initiative, regulated by the Financial Conduct Authority (FCA), that allows you to securely share your bank account information with authorised third-party services like FinChat. It was introduced as part of the Payment Services Regulations 2017 (PSD2) to give consumers more control over their financial data.
Open Banking is supported by all major UK banks, including Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and many more.
How it works with FinChat
You choose to connect
In the FinChat app, you tap "Add Bank" and select your bank from the list. We never initiate a connection without your action.
You authenticate with your bank
You're redirected to your bank's official website or app to log in using your existing credentials and approve the connection. FinChat never sees your banking password.
Your data flows securely
Once authorised, your account data (balances, transactions) is transmitted securely via TrueLayer, an FCA-authorised Account Information Service Provider (AISP). All data is encrypted in transit and at rest.
You stay in control
You can disconnect any bank at any time from the app. Consent automatically expires after 90 days, and you'll be asked to re-authorise if you want to continue.
What we can do
- ●View your account balances
- ●Read your transaction history
- ●See your direct debits and standing orders
- ●Identify recurring payments
- ●Analyse spending patterns and categories
What we cannot do
- ●Move money from your accounts
- ●Make payments on your behalf
- ●See or store your banking passwords
- ●Change your bank account settings
- ●Access your account without your consent
Security and Regulation
FCA Regulated
Open Banking is regulated by the Financial Conduct Authority
Bank-Level Encryption
All data is encrypted with AES-256-GCM at rest and TLS in transit
Read-Only Access
We can only view data — we can never move money or make changes
90-Day Consent
Consent expires automatically and must be renewed by you
Frequently Asked Questions
Is Open Banking safe?
Yes. Open Banking is a UK government-backed initiative regulated by the FCA. It uses the same security standards as your online banking. You authenticate directly with your bank, and your login credentials are never shared with FinChat or any third party.
Can FinChat take money from my account?
No. FinChat has read-only access to your account information. We cannot initiate payments, transfer money, or make any changes to your accounts. We are an Account Information Service, not a Payment Initiation Service.
What if I want to stop sharing my data?
You can disconnect any bank account at any time from the Settings screen in the app. You can also revoke access through your bank's app or online banking. Once disconnected, we stop receiving new data. If you delete your FinChat account, all associated data is permanently deleted.
Which banks are supported?
FinChat supports all major UK banks that participate in Open Banking, including Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, Revolut, and many more. The full list is shown in the app when you add a bank connection.
Who is TrueLayer?
TrueLayer is an FCA-authorised Account Information Service Provider (AISP) that acts as the secure intermediary between your bank and FinChat. They are one of the most widely used Open Banking providers in the UK and Europe. You can learn more at truelayer.com.
Still have questions?
Contact us at hello@usefinchat.app and we'll be happy to help. You can also read our full Privacy Policy for more details on how we handle your data.