What is Open Banking?
This article is a brief guide on what Open Banking is and how you can benefit from using it.
Open banking is a secure way to give companies access to your financial information. Open Banking was rolled out in the UK in January 2018 and allows you to take control of your own financial data and securely share it with different organisations. It is designed to make things simpler, faster and more convenient for all consumers.
What does it entail?
Using Open Banking through Canopy requires you to select your income and outgoing rental payments. Canopy guides you through the process, connecting you with your bank securely and allowing you to select transactions to illustrate your income and rental payments.
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!
Why do Canopy use Open Banking?
Canopy’s aim is to make referencing easier and quicker by digitising the referencing process. We want to remove the frustrations of uploading documents and worrying about verifying your income.
Through Open Banking you can verify your income and rental payments in minutes, illustrating your affordability to rent a property.
Do I need to use open banking to create a RentPassport™?
No, you can go through the process manually, by uploading documentation as proof of rent and income.
Are there any other benefits?
Aside from speeding up the referencing process. Open Banking facilitates Canopy RentTracking™. If you opt in, your recurring rental payments can help improve your Experian credit report.
Am I automatically opted in to Open Banking?
It’s always your choice to use Open Banking. You’ll only use Open Banking if you give explicit consent to Canopy
Is Canopy safe?
Security and safeguarding your data is extremely important to Canopy
Bank-level security- Open banking uses rigorously tested software and security systems. Canopy cannot see your log-in details, access your account or move your money around.
You’re in charge- You choose when, and for how long you share your data.
Extra protection- You’re protected by data protection laws and the Financial Ombudsman service
Bank account connections expire in roughly 90 days.