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Open Banking covers the new set of rules requiring big banks and building societies to offer customers a secure way to share information with other organisations. The new Open Banking rules were introduced in January 2018 by the Competitions and Market Authority to increase competition and innovation to financial services. Providers who use Open Banking must be regulated by the FCA or have a transitional FCA temporary license for an European authorization.
Open Banking allows you, the customer, to potentially have access to more products and improved services. Open Banking can help you manage all your accounts in one place. It can give you a more detailed understanding of your spending so that you can improve your monthly budgeting. Or, it could help speed up and improve a lender’s decision when you apply for credit, for example a wage day advance.
For a third-party organisation to have read-only access to your personal bank information, they must first have your permission, which is why we ask you for Open Banking consent. We’ll need to connect to your bank when you apply for a budget report or a loan for the following reasons:
Once we have your details and account information, we’ll ask for permission to connect to your bank (known as Open Banking). If you consent, you’ll be redirected to your bank's Open Banking page, where you’ll enter your login details so your bank is sure it is you logging in. Your account provider will then give us permission to view your account details and transactions. This will help us decide on your loan application and provide you with an accurate personal FinFit report - your personal saving planner.
To connect to your bank account, providers must adhere to strict Open Banking rules about how they operate and keep your data secure.
Currently, only the biggest banks and building societies are required to make your data available through Open Banking when you request it. Others have joined voluntarily. Banks and building societies who currently offer this service are:
Allied Irish BankArbuthnot Latham & Co LimitedBank of Ireland UKBank of ScotlandBarclaysBFC BankC Hoare & CoClydesdale BankContisCoutts & CompanyCoventry Building SocietyCreation Financial ServicesCynergy BankDanskeGhana International BankHalifaxHargreaves Lansdown SavingsHSBCICBC (London)Industrial and Commercial Bank of ChinaInvestecLloyds BankM&SMBNAMetro BankMizuho BankNationwideNatWestNewDayPermanent TSBPrepay TechnologiesProject ImagineRevolutSainsbury’s BankSantanderSG Kleinwort Hambros BankStarling BankTesco BankThe Co-operative BankThe Governor and Company of the Bank of IrelandThe Royal Bank of ScotlandThe Royal Bank of Scotland InternationalTide PlatformTSB BankTurkiye Is Bankasi AsUlster BankUlster Bank Ireland DACUnion Bank of IndiaVanquis BankVirgin MoneyWirepayerYorkshire Building SocietyAnswer.
No. Open Banking gives us read-only access. Using this information, we can categorise your spending and create your budget report. If you decide to get a loan with us, we will use Open Banking to perform affordability checks.
We can set up recurring payments using Open Banking; however, we must have your permission first, and we would only request this where we cannot collect a loan repayment from your employer. Payments automatically stop as soon as the loan is paid. The same system is used when you want to make early repayments
Answer.
We will not be able to see your online banking login details or password; during the application, you'll be redirected to a secure Open Banking page belonging to your bank, where you'll enter these details, and your bank will verify it is you. You can remove our read access at any time.
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Agreeing to or giving your consent to Open Banking will not affect your credit score.
Answer.
If you don't bank online or use mobile banking, we cannot use Open Banking to connect to your account. To give us consent to Open Banking, you will need to first set up online banking with your bank account provider.
Answer.
Open Banking is a regulated service, which means we must comply with Open Banking rules and meet security requirements. We use technology with 256-bit encryption; this is the same protection used by UK banks for internet banking. This secure connection and you can stop our access at any time. We will not get access to your password or login details; neither will we ask for this.
We cannot take money from your account without your knowledge. We can set up recurring payments using Open Banking; however, we must have your permission first. Additionally, we would only request this where we cannot collect a loan repayment via salary deductions. The same system is used when you want to make early repayments