Consents Online has announced that it has received authorisation from the Financial Conduct Authority (FCA) as a Registered Account Information Service Provider (“AISP”). At the website, the company provides a single place where consumers can control the information they share with third parties with complete transparency. Initially managing the sharing of bank transaction data obtained using the UK’s new Open Banking systems, will evolve over time to facilitate the sharing of other information including credit card, insurance, social media and mobile accounts.

Open Banking is a UK government backed scheme aimed at promoting competition within retail financial services. The ability to securely share banking transaction information with authorised third parties, will allow customers to take advantage of a new wave of innovative products and services currently under development.

Emma Steeley, Commercial Director at Consents Online Ltd, said: “Our B2B clients of different sizes, sectors and countries have already demonstrated that transaction data has the power to revolutionise customer insights and processes. Today, Open Banking has captured the imagination of thought leaders in innumerable businesses, preparing to implement extraordinary transformations to the benefit of their customers. However, we believe that widespread adoption of Open Banking is contingent upon customers’ confidence in their ability to control who can access their data and for what purpose. will pave the way to widespread data sharing in the UK.”