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Open Banking

The fast and secure way for your customers to share information
  • Enables quick and easy sharing of information

  • Allows real-time, data-led insights for faster decisions

  • Uses safe and secure Government-backed technology

Your customers can now link their bank account with us through Open Banking, allowing us to access a one-off snapshot of their financial information so we can make faster lending decisions.

What's changed?

We’re introducing Open Banking for customers, which will ensure that any further information requests can be undertaken quickly and efficiently.

Through this new service, your customers can securely connect their personal and business accounts to share their financial information directly from their main bank.

We will only be able to access a one-off snapshot of their bank account transactions from the last 24 months — so it’s a lot like when a paper bank statement is shared with us. We can then use this information to speed up the process for lending decisions.

What is Open Banking?

Open Banking is a Government-backed system for the secure sharing of financial information. There have been a number of recent reforms that mandate banks to enable customers to share their financial data such as spending habits and regular payments with authorised providers. The end goal is to increase competition and innovation within the sector.

To deliver this service, we’ve partnered with Kudos Credit, which is authorised and regulated by the Financial Conduct Authority (ref. 770345 and 795791) to deliver Open Banking.

Atom bank and Credit Kudos will not be able to view your customers’ bank log-in details at any point.

What are the benefits of Open Banking?

Quick and easy sharing of information

When one of your customers connects their account, they can securely share information with us in seconds. As a result, we won’t need to confirm details and there will be a lot less paperwork to deal with.

A faster process for everyone

With the quick and easy access Open Banking provides, we can make faster decisions and reviews. This means the whole process will move more quickly for all involved.

Bank-grade security

Any information your customers share will be encrypted via bank-grade security. This means you can reassure them that their information will be totally protected through the whole process.

Reduced workload for brokers

Open Banking will enable our underwriters to access the information they need to process an application. There will be less need for further information requests for brokers as a result.

How does the Open Banking process work?

1. We will provide you with the relevant details

We will send you an email with all the relevant details and a link for your customer to begin the Open Bank journey to link their personal and business accounts. This should be their main personal account, where they receive income and pay bills, and the main business account used to manage their business and receive payments. You can send this email on to them to get the process underway.

2. They will select their bank and give consent

Your customer will be asked who they bank with. Our Open Banking partner Credit Kudos will then ask them to connect their account via the secure journey.

Please feel free to direct your customer to our privacy and data policy if they wish to know more about how we use and store their data.

3. They will authenticate via log-in

Next, they will be forwarded to their bank’s app or website to sign in. This is completely secure — Atom bank or Credit Kudos does not receive any of their log-in information.

4. We receive a snapshot of their financial information

Once they log in via their bank, they will be prompted to give Atom bank access to a snapshot of their financial transaction history. We can use this to make lending decisions, get further information and review accounts much more quickly. Our underwriting team will be able to review bank transaction details for applicants (e.g. evidence of income).

Atom and the customer will be notified once they've successfully shared their bank transaction data.

Got a question?