Open Banking

What is Open Banking?

Open Banking is a piece of legislation that requires certain current account providers to allow trusted third parties, approved by you, to plug in and thereby view your account information securely.

Open Banking application

Please click on the relevant portals to provide your bank statements.

Consumer Portal

Corporate Clients Portal

Why have I been sent this link?

If you have received this link via an introducer, our underwriting team have likely asked to review bank statements to gain a better understanding of your profile, to complete the assessment of your application.

How does it operate?

Open Banking allows a trusted provide to view your account data, such as income and outgoings which can make it easier for individuals and certain businesses to open new accounts, apply for credit, etc. and avoid the need for the completion of detailed assessment forms, similar to those required for a mortgage. It could also allow you if you had multiple current accounts to view them all in one place.

It is important to note that you do not share your personal account log-in information, this remains secure and with you at all times.

This practice is possible through Consents.online which is an Equifax Company.

Learn more about how Consents.online works here.

Why do we use open banking?

Accurate

ID Verification

This enables us to perform anti-impersonation checks and help verify your identity

Credit

Risk Decisioning

Combining bank account insights with bureau data to improve our credit risk scorecard effectiveness

Affordability

Assessment

Providing a more detailed and insightful view of your finances which enables more accurate affordability decisions

Open Banking FAQs

Frequently Asked Questions

How will my bank/building society know that I have given consent to a consents.online?

When you give consent to consents.online to access your data on behalf of JBR Capital, you will go through a step where your bank/building society verifies your identity. This is similar to how you access your internet or mobile banking services at the moment. This process will inform your bank that you have securely shared your information with us as part of the Open Banking scheme.

Can I trust consents.online?

Consents.online is registered with and regulated by, the FCA in order to act as an Account Information Service Provider. This enables them to offer services to you through the Open Banking scheme. Consent.onlines FCA registration number is 792642.

Can I restrict the permission and/or change this in the future?

Yes, the account holder has the ability to revoke permission and also fine-tune this – for instance, if you have multiple current accounts and credit cards, you can restrict which accounts are made available.

Will I be charged to use consents.online?

No, it is completely free for all our consumers.

Is Open Banking safe?

Yes, Open Banking is a government initiative developed in partnership with the UK banking institutions. The scheme has been developed with security and privacy at the front of the agenda and you can rest assured that it is perfectly safe for you to engage products and services as part of Open Banking. If you have any further concerns, we suggest you get in touch with your bank to discuss.

What Information can third parties see?

There are two ‘levels’ of permission that you can grant: Account Information Services – this allows a provider to access your financial information. For example, this could include your current balance, income, ongoing and any overdraft usage. You may already be using this for personal credit information checking, such as Clearscore. Payment Initiation Services – this gives the provider the ability to make a transfer / payment on your behalf.

What are the Controls in Place?

Firstly, in order to use Open Banking, the third party must be authorised by the Financial Conduct Authority (FCA). This can be checked on the FS Register at register.fca.org.uk – for instance, JBR Capital is registered under 682493 and shows that we are authorised to undertake consumer credit and lending. Secondly, approved providers have to adhere to strict data protection rules – these are the same rules that your bank themselves must adhere to.

How does JBR Capital use Open Banking Information?

We have partnered with Equifax, one of the largest Credit Reference Agencies, who through their subsidiary, Consents.online. They are registered by the Financial Conduct Authority, with FRN 792642. You can find out how this operates here. We use the information to undertake: ID Verification – this enables us to perform anti-impersonation checks and help verify your identity; Risk Decisioning – combining bank account insights with bureau data to improve our credit risk scorecard effectiveness; Assessment – providing a more detailed and insightful view of your finances which enables more accurate affordability decisions.

More FAQs