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Published 5 years ago 31 Mar 2020Granting ‘explicit’ consent to share personal or SME account and transactional data under Open Banking must make it very clear why it’s needed, what’s being shared and for how long. This is where PSD2 is the regulatory driver.
Other pages in this section
| # | Key parameter of agreement | Description |
|---|---|---|
| 1 | Purpose Statement | Why we need you to share your data for the provision of AIS. |
| 2 | Direct Benefit Statement | What you will get from us in return |
| 3 | Data Request Statement | What we need you to share |
| 4 | Duration Period Statement | How long we will need access (unless you revoke consent with us or access with the ASPSP). |
| 5 | Agreement | Do you agree to share your data with us on the terms above? |
Important: For the purposes of this section, the definition of “explicit consent” under PSD2 is not intended to be read as the definition of “consent” under GDPR. The guidance in this section refers to the definition under PSD2 for the provision of account information service only.
Purpose Statement for Personal Customer Use Cases
Clarity and consistency in the way that language is used is critical to comprehension. Depending on your proposition, the description of the Purpose Statement that we recommend uses the following structure
“To provide a [ Proposition Classification ] service, we need to access [specific types of account information]”
Examples for customer propositions in this table.
| Proposition classification | Why we need you to share your data |
|---|---|
| Personal Finance Management | To provide a [PFM], we need to [analyse your income, outgoing transactions, including regular outgoing expenses] |
| Consumer Lending | To provide a [Consumer Lending] service, we need to [analyse your income, spending and saving patterns] |
| Automatic overdraft borrowing | To provide an [Automatic overdraft borrowing] service, we need to [analyse your income, spending and saving patterns] |
| Debit Advice | To provide you with [Debt Advice] service, we need to [better understand your income as well as you fixed and discretionary spending] |
Important: These examples are intended to be illustrative only. Entities may require additional regulatory permission(s) to perform some of these services. It is the sole responsibility of entities to ensure they have the relevant regulatory permission for each service they undertake and meet any applicable regulatory requirement
Purpose Statement for SME Use Cases
Clarity and consistency in the way that language is used is critical to comprehension. Depending on your proposition, the description of the Purpose Statement that we recommend uses the following structure “To provide a [ Proposition Classification ] service, we need to access [specific types of account information]
Examples for SME Propositions in this table
| Proposition classification | Why we need you to share your data |
|---|---|
| Cashflow Analysis | To provide an [Cashflow Analysis] service, we need to [analyse your income, spending and saving patterns] |
| Payment Tracking | To provide a [Payment Tracking] service, we need to [analyse your income patterns] |
| Automatic Overdraft Borrowing | To provide an [Automatic Overdraft Borrowing] service, we need to [analyse your income, spending and saving patterns] |