Kevin Sefton, CEO of untied comments on the FCA policy statement that details that consumers will no longer need to reauthenticate with their ASPSP every 90 days if accessing account information through a third party provider:
“It's important to distinguish between one-off uses of account information such as approving loans, and those that need to be ongoing, ie for accounting, tax and similar purposes. For these accounting and tax use cases there is an expectation that the software will maintain an ongoing record of transactions. They are also those that have seen the highest use of open banking. We have seen that our users have been confused by the need to reconsent on a regular basis and the complexities of this being managed across multiple apps and their banks. The new provisions will mean that the confirmation of the connection being live can be managed in the software they're trusting to manage their finances. It's a welcome step.”
-ENDS-
For further information:
Chantal Heckford pr@untied.io