Open Banking
Open Banking allows you to safely and securely share your financial data, such as income and outgoings, with regulated financial service providers.
Why give UK Credit access?
Having access to information via Open Banking means we can help you if you experience financial difficulties, by reviewing your income and outgoings and assessing what forbearance options we are able to offer taking account of your individual circumstances. UK Credit is working with Experian, one of the largest credit reporting agencies, to access Open Banking. They have provided a secure platform, known as the Affordability Passport, for our customers to share their financial details with us – this is a read-only access meaning we can’t make any changes to your accounts.
How does it work?
Click the link we send you and this will transfer you to Experian’s Affordability Passport. Follow the instructions and they will transfer you to your bank’s website, where you can safely login to your bank and authorise UK Credit to view your account transactions. As with online banking, only you can see your login details, such as customer number, password and memorable word. If you have multiple accounts with different banks, Open Banking will allow you to select each one and collect all the details together for us to review. You can also choose which information is shared and can withdraw consent at any time.
FAQs about Open Banking
Is there a charge to use Open Banking?
No, Open Banking is completely free.
Am I automatically opted into Open Banking?
No. You’ll only use Open Banking if you give permission to a regulated app or website. It’s always your choice – you need to give your explicit consent.
How do I know Open Banking is safe?
Open Banking has been designed with security at its heart; here’s how:
- Bank-level security: Open Banking uses rigorously tested software and security systems.
- It is regulated: only apps and websites regulated by the FCA or European equivalent can use Open Banking.
- You’re in charge: you choose when, and for how long, you give access to your data.
- Extra protection: your bank or building society will pay your money back if fraudulent payments are made as a result of using Open Banking.
- You’re also protected by data-protection laws and the Financial Ombudsman Service
Can I use Open Banking if I don’t have online banking?
Unfortunately, not. Open Banking relies on securely accessing your bank account via your online or mobile banking.
How do I control who has access to my information?
You choose which regulated apps and websites you want to use, so you’re always in charge.
You decide what information they can access, and for how long.
No one gets access unless you say so.
How do I cancel access to my data?
There are two ways to stop giving access to your data:
- go to the app or website, and withdraw your consent directly with them or
- contact your bank or building society to let them know you no longer want the app or website to have access to your information
Can a regulated third-party provider make a payment from my account without me authorising it?
No, UK Credit can only use Open Banking to view your data to help us make a lending decision.
What regulations do providers have to meet?
To use Open Banking, providers have to comply with the strict rules of the FCA or European equivalent.
Does my bank or building society offer Open Banking?
For the most up to date list, visit the Open Banking website
Where can I find out more about Open Banking?
There are several articles and websites detailing how Open Banking works. Check out Experian or Wired magazine.
What about if I still have some questions?
That’s easy, just give us a call on 01603 369 100. We are here to help.