Account Information Service Provider (AISP), consents.online, a subsidiary of leading bank data analytics platform, AccountScore, has entered into an agreement with HSBC to provide it with access to the transaction data of consumers from other organisations under the UK’s Open Banking programme.
In addition, HSBC UK will utilise consents.online’s leading consent management architecture whereby the consumers in question can view and control where their data is being accessed and for what purposes. The agreement will allow HSBC UK to launch consumer products utilising the data now available under the UK’s recently launched Open Banking initiative. The initiative gives consumers the ability to share their financial data, traditionally held by banks and building societies, with authorised third parties, in order to take advantage of new products and services aimed at boosting competition in the retail financial services market.
consents.online allows consumers and small businesses to view who is accessing their information under the Open Banking initiative and control whether organisations can access their financial data on an ongoing basis by giving them the opportunity to revoke access at any time. This is all done through the consents.online mobile app and website, a central hub where users can manage and view all the data consents they have granted in one place.consents.online’s data analytics platform,
Emma Steeley, Commercial Director at Consents Online Ltd, said: “Our B2B clients of different sizes, sectors and countries have demonstrated the power of transaction data to revolutionise customer insights. We are delighted to be helping HSBC UK with this journey.”