We use Open Banking to check your affordability because it's quicker, safer, and more secure than other methods.
What is Open Banking?
Open Banking is a system that lets authorised third parties look at your bank accounts.
It's really important to stress that when you use Open Banking you're not sharing your login details.
Instead, you're just letting an authorised third party look at your income and expenditure.
Therefore, it's often used when checking if someone can afford something, like buying a home.
Is Open Banking secure?
Yes, it's extremely secure. It uses financial grade software, which lets digital platforms talk to each other using authorisation and authentication.
You can think of it as the more secure, modern version of sending bank statements by email!
If you would like to know more, the Credit Reference Agency, Equifax wrote an article about Open Banking too.