What it does
Open Banking gives you the most secure way to share any of your data. It means that you can choose which bits of information you share and, who you share them with. So, the opposite of ‘open’ really!
What problem it solves
Using Open Banking means you can share specific bits of your financial data with banks, lenders, or anyone (who is regulated) in the Fintech industry that you choose. In general, this means that any products that recommended to you based on your finances (loans, mortgages etc) can be more personalised, relevant and accurate than they’ve ever been before.
In the case of our tenant vetting service, Connect365, it means that you are more likely to get accepted for a tenancy and more quickly. This is because you’re only giving us a view of highly relevant, true, real time data that can be 100% relied upon. So, our clients (your landlord or letting agent) are happier to make a decision based on it.
Who uses it?
Open Banking was a change to the whole UK banking industry in 2018 backed by the UK Government, so all the main UK banks use it. It has been adopted around the world by 4972 banks in 52 countries (source: https://www.saltedge.com
How you use it
With Keysafe, all you need to do is follow the guidance given during the application process. You share the data you choose, not passwords or log in details.