Open banking is designed to be safe: you give explicit consent before any data is shared, and only licensed or registered third-party providers (TPPs) can access your account data. They connect via dedicated APIs—you do not share your online banking username and password with the TPP. Banks and TPPs must follow strong customer authentication (SCA) and data protection rules (e.g. GDPR in the EU).

Regulators (e.g. FCA in the UK, national authorities in the EU) supervise TPPs. You can revoke consent at any time. The Open Banking Tracker lists regulated aggregators and links to official directories (e.g. UK Open Banking) where you can verify that a provider is authorized.