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FCA approves moneyinfo as a RAISP

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by moneyinfo
| 20/03/2019 12:00:00

We’re delighted to announce that the FCA has approved our application to become a registered account information service provider (RAISP) under the Payment Services Regulations.

We have demonstrated to the FCA that we have in place the strict security controls and procedures to protect your clients’ banking data, providing further reassurance that sharing their banking credentials with moneyinfo is both safe and secure and that they will not be in breach of their banking terms and conditions by sharing their credentials with us.

The FCA states: "Your banking terms and conditions should not prevent you from sharing your credentials with regulated AIS or PIS providers. Your bank cannot hold you responsible for unauthorised transactions just because you have shared your credentials with AIS and PIS providers.”

See sharing security details -

https://www.fca.org.uk/consumers/account-information-and-payment-initiation-services

Tessa Lee, Managing Director of moneyinfo explains:

“This latest development means moneyinfo can continue to screen scrape data from bank and credit card accounts where Open Banking APIs are not currently offered but, at an appropriate point, when APIs are more widespread,  we can then use the Open Banking APIs to connect directly to the banks.

“Currently there is insufficient coverage via banking APIs to make this an attractive alternative to screen-scraping. However, we anticipate over time that the APIs will become more comprehensive and widely available.”

See original article: https://www.moneyinfo.com/news/RAISP