OpenBanking Quiz - 2019
OpenBanking Awareness Quiz
Test your knowledge about OpenBanking, its fun
- Learn about OpenBanking fundamentals.
- Understand authentication processes.
- Explore supported banks and accounts.
- Know how historical data is managed.
What is OpenBanking?
Open banking is the practice of sharing financial information electronically, securely, and only when customers give their permission. Open banking offers enhanced speed, security and smart solutions to banking customers.
Open banking is a standard bank feeds connection that provides an accurate and secure way to automatically import bank transactions into QuickBooks.
Open banking is the practice of sharing financial information electronically, securely, and only when customers give their permission.
Do I have to authenticate daily?
No, Open bank feeds automatically update daily. Customers will only need to re-authenticate the connection every 90 days.
No, Open bank feeds automatically update daily. Customers will only need to re-authenticate the connection every 120 days.
No, Open bank feeds automatically update daily. Customers will only need to re-authenticate the connection every 60 days.
Yes, if customers have an OTP/MFA they must enter daily the codes in order to keep the connection established.
What type of accounts are supported?
- Most account types including current, savings and credit cards. The ones that are not supported yet should remain as standard feed connection.
All types of accounts.
Only Business & Personal Current Accounts.
Business Current Account, Personal Current Account and Other Credit Card and Savings Account Types.
What is difference between Standard Feed and Open Banking Feeds?
Transactions will be automatically updated numerous times throughout the day OR users can click UPDATE to pull in the latest. Reduced download errors, Reduced connection errors, API connection which is more reliable.
Standard Feed is easier to connect all accounts with other financial services without compromising security and share credentials.
Open Banking Feeds require a re-authentication every 60 days to guarantee the account
Do I need to be an account holder to authenticate Open Banking connection?
Yes, you would need your account holder credentials to log in and authenticate.
No, you can do the authentication via email.
No, you can do the authentication without the bank's credentials in case you are an accountant.
Yes, you would need your account holder credentials and SSN to log in and authenticate.
What banks are supported?
ALL UK Banks
All digital banks in the UK.
All traditional banks
How do I connect to my open bank feed?
Banking > Update connection message > 'Update now' > grant permission on your bank's website
Cog-wheel -> bank account -> connect
Through your bank's website
Will it only be the big 5 banks I can connect to?
ALL UK banks will be supported
Only the digital banks will be supported. Traditional banks will not.
Yes
How much historical data is available on Open Banking connection ?
Up to 24 months.
More than 90 days but less than 365
Exactly 18 months
Are digital Banks supported by open banking?
Yes open banking will be effecting the way you connect any bank account to other softwares. Presently we have open banking connections available for Revolut and Monzo.
Yes, all digital banks are supported
Only Paypal supports the open-banking API
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