Pay by Bank Privacy Notice
Last updated: 13 April 2023
Pay by bank is a fast and safe way to add money to your Hargreaves Lansdown account. This is done by providing a secure link to your banking app or website for instant payments.
We have partnered with Ecospend, a Financial Conduct Authority authorised payment institution, to offer this service.
How Pay by Bank works
What Open Banking is
This is a new payment method where you safely transfer money to us directly from your bank account, through an authorised third-party provider.
You only use this payment method when you choose ‘pay by bank’ to pay into your Hargreaves Lansdown account.
Open Banking is a safe way to pay and is regulated by the Financial Conduct Authority (FCA).
Who are Ecospend
Ecospend are the third-party provider for this new payment method and are an authorised payment institution regulated by the Financial Conduct Authority. You can find further information about them, including their FCA Registration number, on the Ecospend website.
Why we collect your personal data
To allow Hargreaves Lansdown to collect the payment, we will pass the following information about you to Ecospend: your payment reference number and the amount you want to pay — this may be included as part of your payment reference number, but it will not be shared for any other reason. This will only be passed on with your permission. No other information about you will be shared with Ecospend.
How we share your data
We share your data with Ecospend using an API (Application Programming Interface). This is a secure way to share details without having to reveal any of your information to anyone other than Ecospend and your bank.
How we use your data
Ecospend will use your data to make a payment request to your bank. They will fill in the payment reference and amount, so that you do not have to input these. You need to sign in to your online banking or mobile app to approve your payment. Your bank will then action the payment request. Your password and sign-in details will only be shared with your bank.
If you do not want to share your data using Open Banking, you do not have to use Open Banking and share your data with Ecospend to make a payment. You can choose another way to pay Hargreaves Lansdown.
How you give your consent
By confirming your payment and selecting ‘continue’, you are consenting to:
- this policy
- giving Ecospend your permission to start the payment directly from your bank to Hargreaves Lansdown
- giving your permission to be transferred to your bank to make the payment
You will be redirected to your bank or building society to securely sign in and approve the payment.
The security of your data with third-party service providers
All our third-party service providers are required to take appropriate security measures to protect your personal information in line with our policies. We only permit them to process your personal data:
- for specified purposes and in accordance with our instructions
- with our agreement
How your data is stored safely
The data is stored in an encrypted format and certain fields, such as the payment reference, are further encrypted.
Our third-party service providers will only process your personal information on our instructions or with our agreement, and where they have agreed to:
- treat the information confidentially
- keep it secure
You can read more about the measures we have put in place to keep your information secure in the Hargreaves Lansdown Privacy Notice.
How long we keep your data
You can read about your rights in the Hargreaves Lansdown Privacy Notice.
You can contact us if you have questions about this privacy notice.