Yes, Open Banking is Secure
Open Banking is supported by the CMA (Competitions and Markets Authority) and any provider of Open Banking is required to be authorised by the FCA (Financial Conduct Authority).
Canopy use an intermediary, Plaid, to securely access your banking data and keep it secure. Role-based access controls are enforced at each layer of infrastructure. Multi-factor authentication is required for access to Plaid infrastructure. All application and user access logs are stored centrally and monitored.
You don’t need to do anything. Open Banking is opt-in only.
You can also upload your payslips (3 months) and bank statement (3 months) to help us verify your income and historical rental payments, if you have been renting in the U.K market.
Open Banking is a lot quicker and secure.
It’s always your choice to use Open Banking.
Rental affordability indicates how much can you afford to spend on rent based on your gross annual income. The benchmark used by the Letting Agents for Rental affordability is approx 40% of your gross annual income.
We will not use your data for personal gain. We will not sell your data.
Whenever, there is a new need or new purpose, we will include that in our notices to you in our app.