Open Banking is a series of reforms which was driven by the competition watchdog the Competition and Markets Authority (CMA) and came into force in January 2018. It means, with permission from the account holder, that all UK banks have to allow the access of banking data by consumers, financial institutions and third - party providers. The data is shared via secure online connections in the form of Application Programming Interfaces (APIs)

Open Banking reforms and regulations were launched to improve innovations and competition in the financial services market, leading to better products and services for customers. It is hoped that they will enable people to manage their money better.

How would my account information be used?

There are two ways that your account information can be used.

Account Information Services (AIS)

This is where your account information can be seen in another place outside your own bank. Products such as budgeting apps and price comparison websites for product recommendations use this type of Open Banking.

Payment Initiation Services (PIS)

This is where you can make a payment directly from your bank account without using debit or credit cards - which can be at high risk of fraud.

Many of the major UK banks and building societies have signed up to Open banking.

How secure is it?

• You choose which providers can access your details and they can only do so with your explicit consent.

• You are never asked to share your login or password details with anyone other than your own bank.

• You should check that a provider is authorised by searching the FCA Register or Open Banking Directory.

• All providers must adhere to GDPR regulations, so your data should be protected.

What are the benefits to me as a business owner?

You might already be taking advantage of open banking without even realising it. If you use accounting software such as Xero or Quickbooks, which links directly to you bank account, this is Open Banking in action.

If you make a payment, maybe to settle an invoice, reimburse expenses or do the payroll through your accounting software without separately logging onto a business bank account, this is part of Open Banking. The use of Open banking in this way is designed to streamline everyday payment processes and automate otherwise time-consuming manual activities.

Another application of Open Banking is the facility to see all your accounts in one place where you can gather insights and identify trends. This can help identify areas where you could be saving money.

Taking payments

For many businesses, taking payment by cards is commonplace, however high card transaction fees and waiting days for funds to clear can put pressure on cash flow. Another feature of Open banking is the ability to enable secure and instant bank-to-bank payments, without the risk of card fraud or the hassle of copying and typing in bank account details and sort codes.

With a bank-to-bank payment app like BOPP, you simply register, download the app and verify your account details with your online bank. Then each time you want to request a payment, you can simply generate a QR code to show your customers who can scan it with their phone camera. Alternatively you can create a secure Paylink and then share it in an email or via a messaging app like WhatsApp.

Your customers don't need the app to pay you, they can just scan the QR code or click the secure link which will connect to their online banking app, they simply authorise the payment in their banking app and the payment is made instantly from their account direct into yours.

In summary

While the name Open Banking might make you feel cautious about 'opening' your bank account, the initiative offers many positive opportunities to businesses, from streamlining processes to saving money. Read more about Open Banking.

We are so excited you are here! BOPP has been in the making for about two years and we are delighted to now bring you the future of payments today!

So, what is BOPP?

BOPP is a new and secure way to request payments using the bank app on your phone. 

By sending a secure Paylink or showing a QR code, someone can send you money instantly and securely on their mobile, direct from their bank account to yours.

Who is BOPP for?

BOPP can be used by anyone who uses mobile banking - of which there are over 30 million in the UK.

BOPP is a great, cost effective alternative for businesses and non-profits to collect payments instead of processing card payments. When you take card payments, there are many fees involved which begin to stack up, plus you have to wait days to receive your funds, and you also run the risk of card fraud.

BOPP is perfect for anyone who would collect payments using cards or who expects clients to type in fiddly account details to make a bank transfer. Tradespeople, hairdressers, dentists, vets, car repair garage owners, accountants, IFAs, kennel and cattery owners as well as charities, non-profits, sports clubs and PTAs can all benefit from using BOPP to accept payment.

Plus, it is so easy for your clients to use, they don't need the app, they just click a secure Paylink or scan the QR code with their phone camera to pay you in seconds.

With BOPP there are no transaction fees, set up fees, minimum term contracts or chargebacks. You can just pay a flat fee of £10 a month + vat for unlimited transactions.

BOPP is also available for personal use for free. So if you need to payback a friend or do whip round - download the BOPP app from your app store.

How secure is BOPP?

It is incredibly secure, as all transactions are processed through your mobile banking security. With BOPP, anyone who requests money has their bank account verified, so you can be sure that a pay request is genuine and the money is going to the correct account.

Who created BOPP?

BOPP was created by Agitate. The Agitate team has extensive experience in building secure scalable technology for both business and consumers. In 2020, we were contracted by NHSx who benefitted from our INK C-19 COVID tracking app to help in the fight against COVID. In addition, InkPass has been widely used to assist with Test and Trace requirements.

We started in 2017 and are a company of financial services professionals, developers and engineers with a vision of making and receiving electronic payments easy for everyone with a bank account.

Why was BOPP created?

Our goal is to help small and medium businesses (and non-profit organisations) improve their profitability and cash flow. There are billions of pounds spent each year in the UK on card processing fees which are now unnecessary with BOPP.

We are a privacy-first company with security at the heart of everything we do. We embrace change and challenge the status quo of systems we believe can be improved for the good of everyone.

There is no charge for personal use, simply download the app, and start BOPP'ing with your friends today!