FAQs for Open Banking

  • Q: Why am I being asked to complete this process?

    This is a paper free approach to sharing your income and expenditure data so we can fairly assess if the loan payments will be affordable for you. This service saves you having to provide bank statements and payslip information to support your application. You are only consenting to read-only access and we cannot make any changes to your account. Consents.online puts you in the driving seat as you can turn off access at any time.

  • Q: Will it cost me anything?

    No, it does not cost you anything. We pay consents.online who provide the service for us.

  • Q: Will it affect my credit file?

    Sharing your income and expenditure data using consents.online will not leave a footprint on your credit file.

  • Q: How does it work?

    It’s as simple as logging into your online banking! First you will need to enter in some basic information like your name and phone number, you will then be asked to select your bank and authenticate yourself using what’s called “Open Banking”. This looks just like your online banking log in and is a service provided directly by your bank. consents.online will then attempt to make a secure connection with your bank account. This may take up to 2 minutes. Please wait until you see the screen that says, 'Connection Successful' before you log off. consents.online work directly with your bank to provide this service, using secure Open Banking technology.

  • Q - What is consents.online?

    Consents.online are a regulated Account Information Service Provider (AISP), regulated by the Financial Conduct Authority. Consents.online offer a quick, easy and secure way to provide your information, using Open Banking.

    In addition to helping you share your data in a safe and secure way consents.online also provide you with access to a free portal (available online and via an app) where you can see what you’ve shared, control and revoke access to your data at any time. Should you choose to revoke access, it will mean that consents.online and any services you previously granted access to will no longer be able to view your information, unless they are required to store it by law. Putting you in control of your financial data.

  • Q: What is Open Banking?

    Open Banking is the secure way to give providers access to your financial information. Open Banking APIs are made available to consents.online by your bank under the new Open Banking regulations. Open Banking is regulated, monitored and built on the principles of GDPR. To access these API’s consents.online must hold a licence and be authorised by the FCA.

  • Q: Is this safe?

    Consents.online uses rigorously tested software and security systems. By using consents.online to share your data you’re always in charge. You can decide what information can be accessed and for how long. No one gets access unless you say so!

  • Q: How is consents.online regulated?

    Consents.online are regulated by the FCA. To provide their Open Banking service they must comply with the strict rules of the Financial Conduct Authority (FCA) or a European equivalent. To see their credentials click here https://www.openbanking.org.uk/regulated-providers/consents-online/

  • Q: How does consents.online connect with my bank?

    Consents.online will connect to your account directly using Open Banking APIs. An API - or Application Programming Interface - is a software intermediary that allows two applications to securely talk to each other. When it comes to Open Banking, think of it as a secure package of data being transferred between two places. It's extremely secure and delivers only what is necessary and nothing more. Consents.online make a request via the API, your bank responds to it by packaging information up, encrypting it and sending back - but the distance between the two is always maintained.