Open Banking is a UK-regulated framework that lets you give a regulated firm permission to do one of two things with your bank account: read your statements (an AISP service) or initiate a payment on your behalf (a PISP service). It was introduced by UK competition rules and is supervised by the Financial Conduct Authority.
How we use it
During the application flow we use Open Banking read-only, through a regulated AISP, to look at your business bank statements. That replaces the older route of asking you to upload PDFs. The information we see is the same — six months of transactions on the business account — but it comes straight from your bank, so there is nothing to upload and nothing to mistype.
Is it safe?
- You authorise the connection through your own bank’s login screen. We never see your banking password.
- The connection is read-only. An AISP cannot move money out of your account, even if it wanted to.
- You can revoke the connection at any time, either inside our portal or directly in your bank’s app.
- Every regulated AISP is on the FCA register and has to meet strict security and conduct rules.
If you would rather not use it
You do not have to. You can upload PDF bank statements straight into the application instead. The decision will use the same information, it just takes a little longer because the PDF needs to be processed. Our Our Technology and How We Lend pages explain the full picture.
Still need help with this?
If this article has not answered your question, you can send us a request using one of our online forms, visit the Support page, or email us at support@credicorp.co.uk.