What is Open Banking?
What does it entail?
Is Open Banking 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 uses 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.
How does Open Banking help when completing your Rent Passport?
By using Open Banking, you can illustrate your income and rental payments to an agent/landlord in seconds. As opposed to ‘traditional referencing’ which can take days, this means the referencing process is completed in minutes, meaning you can move into your dream rental property quicker!
I cannot find my bank when trying to connect my account
Search your bank and ensure you check the spelling is matched to the bank’s official name.
If you still cannot see your bank listed, the reason could be that Plaid isn’t integrated with the financial institution or Plaid can’t connect to your bank right now. Some financial institutions may not let you connect your accounts to third-party apps.
Your bank decides whether they want to integrate with Plaid. You can contact your bank to request that they set up Plaid.
List of banks we integrate with
Why are you asking for my login details?
Do I have to provide you with access to Open Banking?
No. You don’t need to do anything. Open Banking is opt-in only.
Do I need to use Open Banking to verify my income?
For more information please see Verifying different income sources
Do I automatically opt into Open Banking?
What is the purpose of Open Banking based verification?
What is rental affordability?
How will you use my data?
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.
You do not appear to be listed on the Open Banking register?
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