What is Open Banking?
Open Banking is designed to give you the freedom and flexibility to share your banking data with apps, competitors, and others.
It’s an industry-wide change that we’re working on with the Competition and Markets Authority and other regulators, banks and registered companies.
It’s designed to enable smaller and newer financial services providers to compete more easily with bigger banks, encouraging banks of all sizes to improve the services they offer to customers.
How will it work?
From Autumn 2019, you will be able to choose to share pieces of your Profex account information through Open Banking with other regulated third-party providers (TPPs). This could enable you to:
- View your accounts from different banks all in one place
- Get a better idea of the current accounts that may be right for you
These third-party providers will need to register with the Financial Conduct Authority (FCA), giving you added protection and peace of mind.
Will it be safe?
Yes, your data won’t be shared without your consent and payments won’t be made without your approval.
When a third-party provider asks us for your account details, we’ll make sure they’re registered with the FCA first.
Data will be shared through a secure system that’s been tried and tested, and standardised across the whole industry.
What if I’m not interested?
No problem. You don’t have to share any details through Open Banking if you don’t want to. If it doesn’t appeal to you, you can carry on banking with us exactly as you do right now. You’re in complete control.
Switching made simple
By switching your bank account to Profex you’ll be helping to create a better society. You’ll also benefit from 24/7 access to your account using our Internet Banking service.
Our free account switcher service makes the process as easy as possible:
- We’ll close your existing account for you.
- We contact your existing bank for a list of your Direct Debit and Standing Order payments for the account you’re switching from.
- You select the accounts you want us to move to us.
Switch to us
How we make a difference
We are a bank established to serve the needs of our customers and enrich society as a whole. We work with organisations that aim to have a positive impact on society through economic, community or social change.
Our people support charities and communities through our ‘Profex in the Community’ (UitC) programme. The Profex team is actively involved in volunteering and fundraising events organised throughout the year. Good causes are nominated by our people to receive donations.
To find out more about how we make a difference – view our Social Impact 2018