OPEN BANKING

Our Open Banking module enables you to effortlessly gather financial evidence from your clients within minutes. Making Proof and Source of Funds checks a whole lot easier.

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GET RICH FINANCIAL DATA AT YOUR FINGERTIPS

Our Open Banking module enables you to effortlessly gather financial evidence from your clients within minutes. Stop chasing clients for bank statements and gather verified evidence instead. By utilising the power of Open Banking, we can connect with 100s of UK financial service providers so you can easily gather the data and insights you need to conduct thorough due diligence on your customers.

Easily verify Proof of Funds

Verify your client’s identity, complete fact finds and obtain financial evidence in one seamless onboarding process. In just a few clicks, you can obtain detailed genuine financial records through our Open Banking integration.

Rich Source of Funds insights

No more searching through pages and pages of bank statements with your highlighter. Our reports will automatically assign incoming payments to categories such as salary, cash deposits and transfers for you.

Automated account analysis

With our summarised reports, you can effortlessly assess affordability, identify unusual transactional behaviour, review any missed payments as well full income analysis.

Proof and Source of Funds checks

TRUSTED BY THESE COMPANIES

KEY FEATURES OF OUR OPEN BANKING PRODUCT

Easily assess affordability
Merge multiple account data into a single report
Works with 100s of financial services
Automatic vendor categorisation
Full 6 months history
Fully FCA compliant

Here are a just a few things you can achieve with our Open Banking module

Conveyancers

Proof and Source of Funds
Easily obtain financial evidence to help determine Proof and Source of Funds with our Open Banking integration. No more searching through pages and pages of bank statements. Our reports will automatically assign incoming payments to categories such as salary, cash deposits and transfers. Then dig deeper with a full six-month transactional history.

Estate and Letting Agents

AML Checks
Verify Proof of Funds and financial records in just a few clicks. With Open Banking you can obtain detailed genuine financial records and evidence of funds to support your AML onboarding processes.

Review rent affordability
Effortlessly assess rent affordability and review your client’s financial history. Get detailed reports so you can make informed decisions on their suitability for rental.

Financial Service Firms

Streamline your customer onboarding
Verify your client’s identity, complete fact finds and obtain financial evidence in one seamless onboarding process. Gather all the evidence you need in one place.

Effortlessly assess affordability
Review your client’s financial history and make informed decisions on their suitability for financial products / services.

Open Banking powered financial reports

Frequently Asked Questions

What is Open Banking?
Open Banking is a set of standards that allows customers to simply and securely share their financial data with other third-party organisations. It has been adopted across the UK banking sector in response to UK Government guidance and is regulated by the FCA.

How does it work?
After sending your client an invite via the Credas portal they will be able to connect with their online banking provider through either a smartphone or browser. Once authenticated we produce a full financial report including summarised insights and transactional history.

Will you have access to our client’s bank accounts?
No. Each request is a one-off read-only summary of their financial data through the Open Banking infrastructure. Any request for updated financial information will require further authorisation by your clients.

Which banks can you connect with?
100s of financial service firms and banks have signed up for Open Banking including 90 account providers. The list of account providers includes the big 5 – Lloyds, HSBC, Barclays, NatWest and Santander, as well as challenger banks like Starling, Revolut and Metro. You’ll find a full list by visiting the official about Open Banking by visiting https://www.openbanking.org.uk/

Can you connect to multiple accounts?
Yes, your client can easily connect with multiple accounts in one go with all reports saved against your client’s file. For each account provider, they will need to provide permission and account authentication.

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