What is Open Banking?
Open Banking is the secure way of providing access to your bank or building society account to providers who are registered for this purpose.
Registered providers and participating banks and building societies are listed under the Open Banking Directory.
Open Banking was set up by the UK Government to encourage more competition and innovation in the financial services sector.
By permitting access to your bank or building society account information we are able to make a more informed lending decision as we shall be able to verify your income, outgoings and other matters more efficiently in order to assess what loan terms would be suitable for you based upon what you can reasonably afford to repay.
Further information about Open Banking is available from www.openbanking.org.uk.
Uncle Buck Finance LLP support the use of Open Banking as it allows us to process loan applications more efficiently, securely and in our consumer’s best interests. To help us assess your suitability for a loan, we may ask you to provide access to your bank or building society account via our open banking provider. Our chosen provider is Castlight Financial, a part of Experian, authorised and regulated by the Financial Conduct Authority as a Credit Information Service Provider (firm reference number 649029) and registered under the Payment Services Regulations 2017 as an Account Information Service Provider (firm reference number 797290).
During your loan application we may safely and securely direct you to the third party provider’s secure portal (“the Portal”) for the purposes of granting the third party provider access to your bank or building society account information (“Transaction Information”). As soon as your Transaction Information is received it shall be reported back to us in the form of a completed search in order that we may continue to process your loan application (“the Permitted Purpose”).
Any data you submit via the Portal will be encrypted and its usage tracked as part of set Open Banking data security standards.
We are responsible for the secure transmission of any Shared Personal Data to the third party provider, for safely directing you to the Portal and for the safe receipt and usage of your Transaction Information.
You will not be required to share your banking password or log in details with either us or the third party provider. Once you have given your explicit consent to share your bank account information on the Portal you will be directed to your own bank or building society’s login page where you will enter in your own login details directly.
The third party provider shall be entitled to re-access your Transaction Information for up to 90 days from the date of your original search result in order to refresh the search results, obtain a snapshot of your data or gather additional data.
The Transaction Information we receive about you will only be used for the Permitted Purpose. We do not sell or share Transaction Information with any third party.
Where your bank or building society have already permitted access to your Transaction Information you shall need to contact them directly in order to withdraw your consent under their particular Open Banking terms and conditions.
Under Open Banking as your personal data is shared by your bank or building society and accessed by the third party provider you may also be able to exercise your individual data protection and privacy rights against either of them pursuant to their own terms and conditions and privacy policies.