What is Open Banking ?
Open Banking is a new worldwide phenomenon that advances customer experience in the banking industry. It is designed to encourage competition among banks and gives retail banking users better control over their transaction data.

In the UK, all parties involved in providing Open Banking services need to be regulated by the Financial Conduct Authority (FCA), including iSpent19.

Typical use cases of Open Banking includes consolidating all your bank accounts in one place to allow you to more efficiently control your financial affairs or perhaps helping you compare financial products that you might be interested in signing up for.

Here are some promotion videos by the UK’s Open Banking authority:

What is Open Banking?

What is Open Banking (2020)?

Is Open Banking safe?
Yes, Open Banking is a government initiative developed in partnership with the UK banking industry. It has been developed with security and privacy in mind and you can rest assured that it is perfectly safe for you to engage products and services as part of the Open Banking initiative.

If you have any further concerns, please feel free to speak with your bank to hear their view on Open Banking.

Do I share my online banking login credentials with anyone?
Absolutely not.

You do not share the login credentials of any of your bank that you choose to add to the iSpent19 App. Each bank or credit card account added will be subject to your usual online banking login credential checks. You will be redirected to your own bank’s login page to input your credential before being redirected back to the iSpent19 App.

How do I control what data I share with iSpent19?
At iSpent19, we strive to provide our users the ability to interact with their own banking transactions in ways that are personal, practical and efficient. This does mean that our users’ transaction data is saved on our system. However, users have the absolute discretion as to which UK bank account they add to the iSpent19 App.

You can also stop sharing your data by amending the permission setting with your own bank, typically through Manage Third Party Permissions in Settings of your bank’s online banking portal or their apps.

You can also request us to delete all your data from within the iSpent19 App or by emailing us at hello@ispent19.com. Your data will be deleted in accordance with our Privacy Notice.

How do I know I can trust iSpent19?
iSpent19 is registered with the FCA, as an agent of TrueLayer Ltd. This enables us to offer our services to you through the Open Banking standards. Our FCA registration number is 928953.
Who is TrueLayer?
TrueLayer Ltd provides the technology platform that connects UK banks with our users accounts via our App. They are also regulated by the FCA (901096).

When you add any supported bank to our App, you will see their brand logo appear on your mobile screen. You will also see their name appear at bottom of each screen where we display to you transactions from connected banks.

Is the iSpent19 App secure?
Security is at the heart of everything we do. It is worth noting that iSpent19 is required to meet certain criteria to be registered with the FCA in order to keep your data safe and secure. We also have to comply with the security standards that underpin Open Banking.

Our user data is securely stored on Google Cloud with authentication controls. These controls also mean that our team do not have access to your data, unless they are required to undergo software troubleshooting at your request. You data is also encrypted with bank level encryption protection.

Which banks are supported by iSpent19's App?
We are using TrueLayer’s technology to enable our users to connect to their bank accounts. Here is a list of financial institutions that currently participate in the Open Banking initiative and are supported by TrueLayer.

More are being added across the UK and the EU.

How will my bank/building society know that I have given consent to iSpent19?
Each time you add a new bank account to your iSpent19 App, you will be required to go through a step where your bank/building society verifies your identity and asks you to specify the accounts that you hold with them but wish to share. This is similar to how you access your internet or mobile banking services. This process will inform your bank that you have securely shared your information with us in accordance with Open Banking regulations.
Will I be charged to use the iSpent19 App?

Your iSpent19 App is built with tons of features that help you take charge of your finances, for free.

We have reserved certain features for our Premium Plan users, which offer them more convenience and finer control over their money management around their social circles.

To take advantage of these additional features, you can upgrade your plan under My Profile within the side menu inside the App.

Can I make payments through iSpent19?
iSpent19 is only licensed to perform Accounts Information Services, via our technical partner TrueLayer Ltd. This means we will not be able to provide you with any payment or remittance related services. Although this may be perceived by some users as restrictive, many would say it gives more peace of mind.
How can I find out more?
You can find out more about Open Banking from the Open Banking Implementation Entity Ltd (OBIE) and Financial Conduct Authority (FCA) from the links below.

OBIE: https://www.openbanking.org.uk/about-us/

FCA: https://www.fca.org.uk/news/speeches/payments-after-psd2-evolution-or-revolution

I want to complain
Should you be unhappy about the free services that you receive through our App, please let us know the context of your dissatisfaction by contacting us at hello@ispent19.com. We will endeavour to address your concern promptly and put things right.

If you are unhappy with the response received from us, you can contact the independent Financial Ombudsman:

Financial Ombudsman Service

Exchange Tower


E14 9SR

Freephone: 0800 023 4567

Low-cost phone: 0300 123 9123

Email: complaint.info@financial-ombudsman.org.uk

Website: www.financial-ombudsman.org.uk