What is Open Banking?
Open Banking is a relatively new initiative launched in the UK to help consumers access better financial products. It complements our 15-minutes funding capability, helping you to access cash quickly and easily, providing you meet our criteria. You can also share this information with service providers, like us here at Moneyboat. This banking transaction information is used help enhance the service we provide you, but only with your full consent.
Signing up to Open Banking means:
- You won’t have to send in documents like payslips and confirmation letters
- The entire application process will be streamlined and simplified
- No waiting around for direct debit payments. Transactions between you and Moneyboat will be instantaneous
How does Open Banking work?
Financial services companies can register to Open Banking and will be featured on the Open Banking Directory. They will be regulated by the Financial Conduct Authority and they will never have access to your transaction details unless you explicitly give your consent. At no point will you be asked to share log-ins or passwords with anyone and you can opt-out at any time.
If you opt in to Open Banking and are happy for us to access your transaction information, we can use it in a number of different ways.
- It can help us to make more accurate lending decisions, based on your actual banking and financial activity. This means we’re not just relying on credit scores and employment status, for example.
- We can gain a better understanding of your financial situation really quickly and without ever having to meet you in person or ask for masses of documentation.
- Our agents can offer you tailored solutions based on your specific requirements.
Signing up to Open Banking with Moneyboat – a step-by-step guide
Please note, this service is fully secured and encrypted by a third party Open Banking system. Moneyboat.co.uk will never have access to your personal sign-in data, passwords or credit card information. Let’s get started!
After applying for a Moneyboat loan, you will receive an email confirming your application has been received. This email has a link to click to opt into Open Banking. Click this link.
Once you’ve clicked the link in the email, you will be directed to the Moneyboat website and a page inviting you to ‘connect to Open Banking.’ Click the tab.
You will now be redirected to BUD, our Open Banking partner, where you will receive some more information about Open Banking and security. If you’re happy to continue, click ‘I Agree’.
From here, you can select your own bank and log into your online banking. Simply select the accounts you’d like Open Banking to access. And it’s done!
Open Banking FAQs
Will I automatically be signed up to Open Banking?
No, you will need to explicitly give your permission through our website.
Will my private data be protected if I opt into Open Banking?
Absolutely. Apps and providers using Open Banking must comply with strict regulations. They will never ask you for your passwords or online banking login details and cannot misuse your data, in accordance with strict FCA regulations.
Is Open Banking free to use?
Yes. It is completely free to opt into Open Banking.
Can I stop using Open Banking if I’ve previously opted in?
Yes. We make it easy for you to change your mind and opt-out of Open Banking via your bank.
Does my bank have to allow for Open Banking?
If you have a bank account with one of the nine largest banks, they must offer Open Banking. Smaller banks can choose whether they wish to offer the service, but this may change in the future as the value of Open Banking is fully understood by consumers.
How do I know if a provider is regulated to use Open Banking?
There’s a registered providers page, which you can use to check that a financial services provider is registered for Open Banking and regulated by the FCA.
Will using Open Banking mean I’m more likely to be approved for a loan?
No. Signing up to Open Banking doesn’t have an impact on whether you are accepted for a Moneyboat loan. However, it makes the application process easier and more streamlined, removing some of the obstacles that can lead to delays in an application being approved.
Does using Open Banking affect my credit score?
No. Opting into Open Banking won’t impact your credit score at all.
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