Banking and the Third Party Providers (TPPs)

[#1]

I got some bumph through the post yesterday regarding changes to an account that would take effect from 21st Feb 18. On reading the summary there was a section on TPPs where you can (must) give your permission to these third parties who can then access the details of your account and armed with this information offer you service based on the information within your account, saving habits, spending, etc.

Now I’m the first to admit that I am an Old Git but NO! I’ll not be giving these people anything. What, where and how I spend MY money is MY business, and I have no intentions of ever sharing this information with anyone. Why is it the Government feel they have to interfere in everyone’s daily life, I think they have better things to do myself.

For those that do not know what I am referring to then this article should explain it.

https://www.which.co.uk/money/banking/switching-your-bank/guides/open-banking-sharing-your-financial...

[#2]

Thanks, Mook, for the linky.... does explain it a bit more,..

Interestingly... it opens with the question to the reader....

Wouldn’t it be handy to log into one website, or open one app on your phone, and see all of your accounts – your credit card, bank account and savings – in one place?

Erm .... yes I aready can ! ! !>..

But.... you need not worry ( apparently ).... cos further down there are some q&a

Do I have to share my banking data?

No, if you don’t want to share your data, you don’t have to. Third-party providers will need your explicit permission before they access your data through open APIs.

That means you don’t have to opt-out – if you do nothing, your data will not be shared without your consent.

( my bold )..

[#3]

I'm another 'old git' and I won't be joining this, either. Too much risk, IMO, for little reward.

[#4]

Another Old Git here who will be OUT sounds a recipe's for disaster's

[#5]

+1

[#6]

I agree.

Why do supermarkets have loyalty cards. They gather your shopping habits, have your personal details and will send you offers based on things you don't normally buy, to encourage you to do so.

I read it somewhere (can't remember where), but I get offers on stuff I never have bought. For example Fruit and Veg.

Bad of me I know health wise.

[#7]

Unless you're @HairyMcbiker and have your tokens nicked!

[#8]

True @Mook still waiting for Tesco's fraud team to contact me.
The vouchers we get are usually relevant to our purchases. The money off ones are the best.
They also send me £nn of £yy vouchers which we use occasionally.

[#9]

@HairyMcbiker - I'd be inclined to give them a poke myself, just so they know you've not forgot about it. Having a few extra pounds to shop at this time of year is always welcome.

[#10]

Who would want to steal tokens - mind you nothing in the world surprises me nowadays.

In this era, I'm surprised they implemented a Costco style system which works quite well. All they do is basically post an information booklet with offers, no vouchers, but you don't need them. It is tied to your account. You have a limit on the offer but you have to use your card to purchase anything anyway.

With Tesco they should give you a list of offers, and not vouchers and say "You need to scan your Clubcard for this offer to be applicable". Should be linked to their database who can go, "User x has used Clubcard y for offer z". Cross z off the list. 

[#11]

Morrison uses a system that puts points on a card, once this gets to a certain number they hand you a voucher for £ 5.

True you can only use it there but it covers fuel as well as all the other stuff in the supermarket.

No doubt several other firms use this type of system but it avoids anything getting nicked in the post

[#12]

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Alex wrote:
 I never have bought. For example Fruit and Veg.

Bad of me I know health wise.

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Yeah,   same here... I can`t stand fruit & veg..... well not in the same meal or on the same plate  ! !

[#13]

My Tesco mailings used to include money-off or extra-points vouchers with a heading such as "something else you like" referring to things I'd bought in the past.  Then there is Google of course; as soon as you search for something you start getting ads tailored to what you've searched for.  Not a very intelligent system since, having searched for TV Licensing and paid my licence, I keep getting endless adverts for TV licencing.  As soon as I turned 50 I started getting ads for funeral plans and undertakers!  These now seem to have stopped.

[#14]

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Jonpe wrote:

  As soon as I turned 50 I started getting ads for funeral plans and undertakers!  These now seem to have stopped.

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Perhaps they think they are not relevant, due to non responsive action from you...  ( think about it  ! ! !  )....

[#15]

its funny paypal, google wallet, Microsoft wallet  have all been providing this service for nearly 2 decades with closed API's... more recently amazon pay entered the scene and now my bank wants me to grant them permission to use open API's to make a less secure competing option available .... similar to the one operated by WorldPay, a service that reputable banks auto flag as dodgy transactions should you use it?  i think not!

this "new idea" is almost as bad as the terms of Barclays online services (online fraud is your problem you get no protection from us) its a cleverly worded way of emptying your bank account and removing any consumer protections that should otherwise apply...... sod that !