Open Banking Archives - QuickLoansExpress
LAST UPDATE 28.07.2021

FAQ Page - Open Banking

Q: What is Open Banking?

Open Banking is a safe and secure way to give creditors “read-only” access to your financial information. Under the new Open Banking regulations, Open Banking APIs (Application Programming Interfaces) are made available to by your bank. Open Banking was built on the principles of GDPR and is regulated and monitored. To access these APIs, must hold a licence and be authorised by the FCA.

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 and 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 are an Account Information Service Provider (AISP), regulated by the Financial Conduct Authority. provides your information using Open Banking in a quick, easy and secure way. As well as helping you share your data safely and securely, 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 will no longer be able to see your information unless they are required by law to store it. With, you are in control of your data.

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? continuously test their software and security systems. By using, you are always in charge. You can decide what information is accessible and how long for. No one can access your account without your permission.

Q: Is regulated? is regulated by the Financial Conduct Authority (FCA). In order to provide their Open Banking Service, they must comply with strict rules set out by the FCA.

Quick Loans Express

We like to keep things simple. If you have any questions about the way we work, take a look at the FAQs below, or contact us. Ready to go ahead? Apply now and get a decision within three hours!

  • Direct lender
  • Bad credit welcome
  • FCA authorised
  • No fee to apply
  • Instant decision
  • Same day payment
  • Get up to £1500
Representative example: Borrow £700 for 5 months. 1st monthly repayment of £235.80, 3 monthly repayments of £235.80, last monthly repayment of £235.90. Total repayment £1,179.10. Interest rate p.a. (fixed) 222.79%. RAPR 832.04% Our APR includes all applicable fees. Daily interest is capped at 0.793%.