New Uk Banks Law

[KODE332]

Ive got some very bad news. There are new uk bank laws which will allow banks to share ALL of our financial information with ANY company. Also you will be able to pay directly from banks now iwthout using card.. So if payapl were to introduce a new request for data share from the bank all our accounts would get closed.

as far as I understand the time on stealth may be up

https://www.ft.com/content/3930bbd2-...5-e94187b3017e

You need to suscribe to read the article, copy and paste of its not too long?

[KODE332]

just search for "open banking uk" it comes in affect from saturday across all eu, basically anyone can access ALL your bank data via API. So paypal will have full ACCESS to name, address, dob, spending..etc

It seems you need to give permission, and only certain banks need to comply.

The next update to paypals user agreement will be worth a read to see if if contains any info on this.

[donkeykong2012]

The whole point of Open Banking is to allow the consumer to access and compare all of their BANK accounts (NOT Paypal Accounts) through one digital online service or App. With the idea to tailor personalized rates and deals.

It is about giving the consumer more choice. At least that is the idea.

On the face of it, I cannot see how this will affect Paypal. Firstly Paypal would have to request the private information, and we would have to grant it. They have no need or requirement to see every Bank Account we have anyway.

The Information shared is not only account name and number, but also Direct Debits, Account Balance, Transaction History etc. Paypal have no need to see this information.

[Play]

Two points that are very important in the article:

"From Saturday — with customers’ permission — banks will be able to open archives of spending data collected over many years and share access with other financial services providers, from technology groups to retailers."

The benefit of this is...

"As a result, companies should be able to come up with more innovative and competitive deals on products including mortgages, overdrafts, insurance and broadband."

I can't see this tying in with PayPal - who are simply a peer to peer money transfer service. They don't (for the most part) offer any financial products, i.e. mortgages etc.

[Ebayorbust]

Does this mean I can put away my tinfoil hat then?

[KODE332]

you guys seem to miss the whole point. yes you have to GIVE PERMISSION. whats stopping paypal from updating their terms and make it CUMPOLSARY to give the permission. they are ALREADY registered and have been PERMITTED BY FCA as one of the companies who are able to ACCESS and VIEW the information.

their new update could have > we must have permission to view your data in order for you to withdraw to the bank accout... and were screwed.

[donkeykong2012]

Why would Paypal want to do that? The whole point of Open Banking is for the benefit of the consumer - NOT Paypal's.

Paypal are not a Bank nor a third party price comparison site.

They have absolutely no need to see user's Bank Balances, Direct Debits, Credits and Debits etc..

If Paypal did make such a compulsory amendment to their user agreement, it would be very foolish.

Remember this would also affect BOTH buyers and sellers.

The idea of Open Banking from what I have read is that a third party can access our Bank details with our consent only.

Simply updating the User Agreement is not enough for such a sensitive disclosure of so much private information. That is simply outrageous.

The idea is that a user's multiple Bank Accounts can be viewed on one page or one Phone App.

I would imagine this can only be obtained through EXPLICIT consent and permission. Updating the Terms and Conditions for automatic access seems highly unlikely to me, and a direct violation Of Data Protection principles.

[e2free]

Banks will share the transaction date not the personal information

[JamesNorth101]

Originally Posted by RobMele1

Ive got some very bad news. There are new uk bank laws which will allow banks to share ALL of our financial information with ANY company. Also you will be able to pay directly from banks now iwthout using card.. So if payapl were to introduce a new request for data share from the bank all our accounts would get closed.

as far as I understand the time on stealth may be up

https://www.ft.com/content/3930bbd2-...5-e94187b3017e

Its not as simple as that

You need to give permission for it

It also only spares spending habits not personal details as far as I am aware