Understanding Open Banking

1 min read

What is Open Banking?
Open Banking is a technology built by banks to allow apps like Touco to look at your transactions.

What is OpenWrks?
OpenWrks is a provider of Open Banking that lets you safely share your transactions with apps you trust. In this case, that’s Touco.

Is it safe?
OpenWrks is as secure as your online banking, since Open Banking is extensively tested and regulated.

How are OpenWrks regulated?
OpenWrks are regulated as an Account Information Services Provider (AISP) by the Financial Conduct Authority, the same governing body that regulate banks.

Can my loved one change their mind about giving Touco access to their transactions?
Touco currently doesn’t manage this connection, so you’d need to go to your bank to revoke access. This can be done through their online banking.

Why do I need to renew access to my bank account every 90 days?
Every 90 days, you will need to reconnect and re-consent Touco's connection with your bank. This is part of the Open Banking standard to keep you in control of what apps can access your banking data.

A lot can happen in 90 days, so this is also an opportunity to review whether the banking transparency Touco provides has been useful and make any helpful changes.

Where can I find out more?
If you want to know more, find out more at OpenWrks, or visit the official Open Banking website.

Having difficulty connecting a bank account?

We are here to help. Get in touch with our support team, and we'll get back to you within a few working days. Alternatively, we have additional help on connecting a bank account that you can try now.

If you have further questions or feedback we'd love to hear from you.

Touco

Touco

Manage money better, supported by someone you trust. We make products for carers and those they care for.

Have questions or feedback?

Our support team is here to help with any questions or concerns. We're available via chat, phone, and email from Monday to Friday, 9am till 6pm.

You've successfully subscribed to Touco
Great! Next, complete checkout for full access to Touco
Welcome back! You've successfully signed in
Success! Your account is fully activated, you now have access to all content.