Account information service provider (AISP) consents.online has agreed to offer HSBC UK with access to the transaction data of consumers from other organisations.
The bank is planning to utilise this information gained under the UK’s open banking programme to roll out new consumer products.
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Open Banking programmed has been designed to boost competition and innovation in retail financial market in the UK.
Open Banking allows consumers to share their financial data with FCA-authorised third parties. Traditionally, that data has been under the custody of banks and building societies.
Additionally, Consents will also provide its consent management architecture to the bank, which allows consumers to view and control the access and use of their data. It will allow users to revoke their data access anytime.
All this can be done using 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 commercial director Emma Steeley 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.”
consents.online operates as a subsidiary of Account Score, the parent company of a group of businesses occupied in bank transaction analytics.
