TLDR: Open Banking, introduced in 2018 by the UK Government and regulated by the FCA, allows individuals to share read-only bank statements with authorized third parties without revealing login credentials. Thirdfort uses Open Banking to securely obtain 3, 6, or 12 months of statements for verification, and is authorized on both the FCA and Open Banking Registers.
Open Banking
Open Banking was introduced in 2018 by the UK Government, backed by many high street banks, and is regulated by the FCA. It is now widely used to allow individuals to share their bank statements with authorised third parties.
You are in control - only the accounts you give access to will be shared, and your log in credentials are never visible or accessed. Information shared will be read-only.
Open banking was featured on BBC’s Morning Live with financial journalist Iona Bain ©BBC.
Open Banking at Thirdfort
Thirdfort uses Open Banking to generate read-only bank statements for accounts you choose to share. We will gather either 3, 6 or 12 months of statements from each account shared, depending on what was requested, which will then be reviewed by the company that requested your check.
You can find Thirdfort’s authorisation on both the FCA Register and the Open Banking Register.