What is Open Banking?
Open Banking is a piece of legislation that requires certain current account providers to allow trusted third parties, approved by you, to plug in and thereby view your account information securely.
Open Banking application
Please click on the relevant portals to provide your bank statements.
Why have I been sent this link?
If you have received this link via an introducer, our underwriting team have likely asked to review bank statements to gain a better understanding of your profile, to complete the assessment of your application.
How does it operate?
Open Banking allows a trusted provide to view your account data, such as income and outgoings which can make it easier for individuals and certain businesses to open new accounts, apply for credit, etc. and avoid the need for the completion of detailed assessment forms, similar to those required for a mortgage. It could also allow you if you had multiple current accounts to view them all in one place.
It is important to note that you do not share your personal account log-in information, this remains secure and with you at all times.
This practice is possible through Consents.online which is an Equifax Company.
Learn more about how Consents.online works here.
Why do we use open banking?
Accurate
ID Verification
This enables us to perform anti-impersonation checks and help verify your identity
Credit
Risk Decisioning
Combining bank account insights with bureau data to improve our credit risk scorecard effectiveness
Affordability
Assessment
Providing a more detailed and insightful view of your finances which enables more accurate affordability decisions
Open Banking FAQs
Frequently Asked Questions
How will my bank/building society know that I have given consent to a consents.online?
Can I trust consents.online?
Can I restrict the permission and/or change this in the future?
Yes, the account holder has the ability to revoke permission and also fine-tune this – for instance, if you have multiple current accounts and credit cards, you can restrict which accounts are made available.
Will I be charged to use consents.online?
Is Open Banking safe?
What Information can third parties see?
What are the Controls in Place?
Firstly, in order to use Open Banking, the third party must be authorised by the Financial Conduct Authority (FCA). This can be checked on the FS Register at register.fca.org.uk – for instance, JBR Capital is registered under 682493 and shows that we are authorised to undertake consumer credit and lending. Secondly, approved providers have to adhere to strict data protection rules – these are the same rules that your bank themselves must adhere to.
