# Open Banking: how we use it (and how we don’t)

*Source: https://credicorp.co.uk/open-banking-how-we-use-it/*

If you’ve ever filled in a Credicorp application, you’ll have noticed an option to connect your business bank account via Open Banking. It is entirely optional — you can still apply without it — but a lot of customers say it is the part that turned a paperwork chore into a five-minute job.

## What Open Banking actually does

When you connect, your bank lets us read your business account’s **transaction history** — in read-only mode, for a fixed period. We never see your password and we cannot move money. We see what an accountant would see if you handed them last quarter’s statements: dates, amounts, descriptions, the running balance.

## What we look at

- Recent **turnover and seasonality** — not a credit score from years ago.

- Whether **essential outgoings** — rent, payroll, key suppliers — are being paid on time.

- Whether the account is **active** and matches the company you have applied as.

## What we don’t do with it

- We do not sell or share the data with marketers. Ever.

- We do not look at non-business spending you’d rather we didn’t see. The connection is to the *business* account, not a personal account.

- We do not keep the connection open longer than we need to. The consent expires automatically after 90 days; you can also revoke it from your bank app at any time.

Our [Our Technology](/our-technology/) page has the full technical picture, and our [Privacy Policy](/legal/privacy/) covers how we handle the data. If you would rather submit statements as PDFs instead, you can — the application still works.

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Credicorp Limited — UK lender to limited companies (Company No. 16093826). credicorp.co.uk