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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 consents.online by your bank. Open Banking was built on the principles of GDPR and is regulated and monitored. To access these APIs, consents.online 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 consents.online 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 consents.online, using Open Banking APIs, to provide you with this service.

Q: Who is consents.online?

Consents.online are an Account Information Service Provider (AISP), regulated by the Financial Conduct Authority. Consents.online provides your information using Open Banking in a quick, easy and secure way. As well as helping you share your data safely and securely, consents.online 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 consents.online, 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 consents.online, you are in control of your data.

Q: How does consents.online connect with my bank?

Consents.online 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. Consents.online makes the request via the API, your bank responds to the request and securely sends the information back.

Q: Is consents.online safe?

Consents.online continuously test their software and security systems. By using consents.online, 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 consents.online regulated?

Consents.online 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.

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