Open Banking

How does Open Banking fit in Embark?

Open Banking technology permits Embark to collate raw bank statement data which automatically categorises and populates to a budget. This budget is useful in gauging affordability and arriving at suitable mortgage advice.
The data is collated through an API (Application Programming Interface) that links the Open Banking provider to the customer’s online banking.

How secure is Open Banking?

Open Banking was spearheaded with the hopes of mitigating security issues with customer data and providing consumers with a wide range of financial options.
Our Open Banking service provider is FCA authorised and regulated.
They have been awarded Cyber Essentials certification, a government-backed cyber security certification.
Unlike other antiquated screen scraping technology Credit Kudos do not hold onto passwords or other sensitive information. Anything that is stored is kept under lock and key using TLS 1.2 with Extended Validation SSL.
Our Open Banking Service Provider has confirmed that they use dedicated, read-only interfaces provided to them by the banks because they are a fully-authorised Account Information Service Provider (AISP) under the Payment Services Regulations (PSR). They went through extensive information security assurance activities with the FCA before they gained their regulatory approval from the FCA, and maintain a strict information security policy internally in order to protect the data they collect.

What if a client doesn’t want to share any data?

With Open Banking, the client is in control. Open Banking, is only possible with the customer’s explicit consent. If a client is not interested in sharing their information, they don’t need to do anything; Open Banking is opt-in only. Open Banking is almost always faster and more secure than other options.

What if the consumer no longer wants the Open Banking Provider to access any of their data?

The customer’s bank keeps a record of what data the client has shared and where, and they can revoke access within their online banking at any time.

What if the customer’s bank does not support Open Banking integration?

Whilst our open banking provider covers the vast majority of the current accounts in the UK, there are still some financial institutions that don’t support direct connections.
However, they are bringing on new banks and building societies quickly, so it will only be a matter of time before all banks participate.
If a bank falls outside of this exhaustive list, we have a manual option to have clients upload their bank statements directly to Embark.

What is Open Banking?

Led by the Competition and Markets Authority on behalf of the UK government, Open Banking is intended to bring more competition, innovation, and a higher standard of security to financial services.
Its aim is to transfer ownership of a customer’s banking information away from the bank and back into the hands of the customer.
This means the customer is in control of who will access their information, for how long, and can withdraw access at any point they wish.

What length of time of bank statement data is pulled?

Open Banking within Embark pulls bank statement data for a period of 12 months.

Which banks currently allow for Open Banking with Embark’s Open Banking integration?

Our trusted Open Banking provider works with the largest banks in the UK, such as Barclays, HSBC, Lloyds, Bank of Scotland, Halifax, Nationwide, RBS, NatWest, Santander, Danske, AIB, First Trust, and Bank of Ireland.

Who can see the customer’s bank statement data?

Our Open Banking Provider and Paylink have access to the banking information. Our Open Banking Provider will always tell the client the name of the company that they will be sharing data with and exactly what data they are sharing.
Our Open Banking provider will only share Open Banking data with the client’s explicit consent. Anything that is stored is kept under lock & key using TLS 1.2 with Extended Validation SSL.

Why does a customer need to connect their bank to the Open banking provider?

The financial history pulled from the customer’s bank is used to build an accurate financial profile. The customer’s bank has the most complete picture of their financial situation.

Will Open Banking capture bank statements across multiple bank accounts?

Our Open Banking integration allows for a client to link up multiple banks along with multiple accounts.
For example, if a client banks with HSBC and has a premier account as well as a saver account, banking statements for both accounts will be pulled.

Will Open Banking pull bank statement data for multiple banks?

The Open Banking provider employed by Embark allows for multiple banking institutions to be linked to a single Embark workflow. For example, a client will pull bank statements for their Barclays account and will then be prompted to add any additional banks such as Santander or HSBC.