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.

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.

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.

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.

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.