To verify your income with Open Banking you'll need to connect your bank account and give us read-only access to the income transactions you select to share with us.
For step-by-step instructions on verifying with Open Banking, see below:
Select the Income section on your RentPassport™. Click 'Begin' to see the following page. Click on 'Choose your main income' to take you to the next step.
Click on the drop-down menu to select your income type. Here you will be able to select where your income is coming from. Select the relevant option and you will be prompted to enter details on your income such as employment details, income name and the date you started receiving this income.
Once you have entered the details around your income source, you will now be asked about your annual income and the frequency in which you are paid throughout the year. This figure will need to be your gross annual income For sole traders, this will be your net profit before tax.
After entering these details, click on 'Verify with Open Banking'
Now you will need to add your bank account. Canopy will now use our intermediary, Plaid, to connect with your bank. Click continue and search for your bank.
Please note that Canopy nor Plaid will gain access to your login details for your bank, login is required is for your security to ensure it is you that is authorising the connection.
APP: Once you have selected your bank you will be directed to your banking app to log in and authorise the connection.
DESKTOP: Once you have selected your bank you see a QR code to scan. This will direct you to your banking app to log in and authorise the connection. You also have the option to continue logging into your bank on the browser by clicking 'continue on desktop'
You will now be able to see a list of your previous incoming payments in which you will need to select your most recent income payment. Once selected this will show you all your previous income payments over the last 12 months.
From this, you may remove any transactions that are not a regular income such as expenses by clicking on the ✕ next to the individual payments. Save and continue.
You have now successfully connected via Open Banking and verified your income.
If there are any discrepancies your income evidence will be reviewed by our referencing team, and you may be prompted to add supporting documents.