1. What is Open Banking
Open Banking is the secure way for you to give third parties like ourselves access to your bank statements and keeps you safe when you are sharing this sensitive information.
2. What does the service include?
A secure and encrypted service that enables us to have ‘read-only’ access to your bank statement. Just like we would if you sent us a paper copy of your statement, but without the hassle!
Our system connects to your bank safely and securely and will also provide you with a portal which you can use to see what information we have accessed.
3. How do I control who has access to my bank data?
We will only be able to access your data if we have your explicit consent to do so. Through the website or mobile app you will be able to manage and control access to your data directly through your profile.
4. How do I know I can trust this service to verify my bank account?
The system we use is registered with, and regulated by, the FCA specifically for this purpose.
5. How can I be sure that the service is secure?
They are required to meet certain strict criteria to be registered with the FCA. They also have to comply with the security standards that underpin Open Banking. The security of your information is the top priority. Your information is always safe and secure.
6. Why do we ask for your internet banking details?
We use your internet banking details to report on your financial position, commitments and creditworthiness based on your bank transaction data for the purpose of ensuring we make responsible lending decisions.
7. How do we keep your data safe?
The same 256-bit encryption and physical security that your banks use. Nobody can ever see your banking details and they are immediately encrypted.
We are only permitted ‘read-only’ access. This means we can only see your bank transactions and nobody can make any changes or payments using your details.
8. Will it affect my credit file?
Providing your online banking details so we can review your transactions will not leave a footprint on your credit file.