TLDR: Open Banking, introduced by the UK government and regulated by the FCA since 2018, allows individuals to share read-only access to their financial data with authorized businesses without sharing login details. Homeppl uses this to generate 6-month bank statements for checks during applications. Most UK personal current and joint accounts from major banks support Open Banking, requiring joint account holders to provide a PDF statement showing all account names.
Open Banking
Since 2018, Open Banking technology has allowed individuals to share their data with authorised third parties.
Introduced by the UK government and regulated by the FCA, individuals can allow authorised businesses read-only access to their financial information, such as statements and spending habits.
Businesses can only access the accounts you choose to share with them and do not receive your login information.
How does Homeppl use Open Banking?
Homeppl uses Open Banking to generate a read-only bank statement of the last 6 months for the accounts you choose to share. This is then reviewed by the organisation that requested your check as part of your application with them.
Which banks are compatible with Open Banking?
The majority of UK high street banks are available to link to through Open Banking. When providing your account, this must be a personal account.
Which account types support Open Banking?
The majority of UK current accounts and joint accounts support open banking. If you do use a joint account, you will also be required to provide a PDF statement for the account showing all the names listed on the account.