Open Banking Archives - QuickLoansExpress
LAST UPDATE 28.07.2021

FAQ Page - Open Banking

Q: What is Open Banking?

Open Banking is a way to share your bank account information with other companies, with your permission. It was created by the government to help people get better banking services. Banks are required to share your account information with companies that are licensed and regulated by the Financial Conduct Authority (FCA).

Open Banking is a safe and secure way to share your bank account information. Companies can use this information to offer you new products and services, such as budgeting apps, loan companies, and payment services. Banks are required to use strong security measures to protect your data. You can also choose to only share certain types of information with certain companies.

Q: How does Open Banking work?

To use Open Banking, you will need to provide information like your name and phone number. Following this, you will need to select your bank and authenticate yourself using “Open Banking”. This service is provided by your bank. Once the authorisation step is complete, will then attempt to connect securely with your bank account. The process can take up to 2 minutes. Once your screen says “Connection Successful”, you can log off.

Your bank works together with, using Open Banking APIs, to provide you with this service.

Q: Who is is an Account Information Service Provider (AISP) that provides a quick, easy, and secure way to share your financial information using Open Banking. is regulated by the Financial Conduct Authority and was recently acquired by Equifax.

In addition to helping you share your data safely and securely, also provides access to a free portal (online and via the app) where you can see what you've shared and control and withdraw access to your data. If you choose to withdraw access, it will mean that and any other providers you have previously granted access to will no longer be able to see your information unless they are required by law to store it.

Q: How does connect with my bank? connects to your account using Open Banking APIs. An Application Programming Interface - (or API) is a software intermediary that allows two applications to talk to each other securely. With regards to Open Banking, you can think of it as a secure package of data being transferred between two places. It’s safe and encrypted and delivers only what the provider deems necessary. makes the request via the API, your bank responds to the request and securely sends the information back.

Q: Is safe? prioritizes your safety and security. When you use, you are always in control. You have the authority to decide which information is accessible and for how long.

Your privacy and security are a top priority. If you have any questions or concerns, you can contact direct anytime.

Q: Is regulated? is regulated by the Financial Conduct Authority (FCA). The Financial Conduct Authority (FCA) sets and enforces the standards and regulations for financial services in the UK which is obligated to comply with.

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