Re: New Uk Banks Law
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.
Last edited by donkeykong2012; 01-12-2018 at 05:26 AM.
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