TLDR: Open Banking, introduced by the UK government and regulated by the FCA since 2018, allows individuals to share read-only access to their financial data with authorised third parties without sharing login details. Thirdfort uses Open Banking to generate the required timeframe of bank statements for verification purposes. Thirdfort's authorisation can be verified on the FCA and Open Banking registers.
Open Banking
Since 2018, Open Banking technology has allowed individuals to share their data with authorised third parties.
Introduced by the UK government, and regulated by the FCA, individuals can allow authorised businesses read-only access to their financial information such as statements and spending habits.
Businesses can only access the accounts you choose to share with them and do not receive your login information.
How does Thirdfort use Open Banking?
Thirdfort uses Open Banking to generate a read-only bank statements for the accounts you use to share. The Thirdfort app will request the timeframe of statements set by the organisation that requested your check. The statements will be reviewed by the organisation that requested your check as part of your transaction with them.
How can I check if Thirdfort is authorised?
You can find Thirdfort's authorisation on both the FCA register and the Open Banking Register.