Open banking is a new way of sharing financial information with lenders, often allowing them to make fairer decisions when reviewing credit applications. Using open banking, you can connect your bank account to another financial account, so data can be shared.
In this case, Open Banking is used to connect your bank account to your TotallyMoney Debit Card. This allows us to check your card for funds then process the payment.
Here is some further information about Open Banking, including a useful video to explain it a bit more: https://www.openbanking.org.uk/what-is-open-banking/
It’s important to know that all your data is secure and Currensea and TotallyMoney will not see your bank details.