What is Open Banking?
Open Banking is a secure way to share your financial information with trusted third parties. Backed by the UK government and utilised by the leading banks across the UK, Open Banking was introduced in 2018 and it's revolutionising the way we manage money by giving customers greater ownership over their financial data.
For more information:
Check out the official Open Banking website here.
Many banks also have their own dedicated pages explaining Open Banking. Type "Open Banking" and the name of your bank into Google and you should be able to locate a website page from your bank.
Why does Thirdfort use Open Banking?
Unfortunately, fraud is commonplace in the property market today and to prevent money laundering and other criminal activities, conveyancers and law firms are under strict regulations to prove that their client's money comes from a legitimate source.
By harnessing Open Banking technology, Thirdfort provides you with an innovative way to share your financial data securely and easily at the click of a button.
No need to print out statements or email digital copies, with Open Banking you can safely share your statements in minutes directly via your bank.
How does it work?
If you opt to link your bank via Open Banking, you will be redirected from the Thirdfort app onto your online banking portal where you will be asked to log in. Please note that Thirdfort does not see or store any of your credentials. Once logged in and successfully authenticated by your bank, you can grant Thirdfort permission to request a read-only summary bank statement which your bank will then send to us to include in your report. This includes the top 20 ingoing and outgoing transactions and 6 months of full bank statements.
All of the tasks on your home screen have been specifically requested by the organisation that requested your Thirdfort check. For more information on why bank statements have been requested on your check, we'd recommend contacting the organisation that requested it directly or you can check out our useful guide here.
How long can Thirdfort request statements for?
As per the Open Banking industry standard, Thirdfort is able to request further read-only summary statements for 90 days. However, once we request the initial summary statement, we will not make any further requests without your permission. Additionally, once you have linked your bank, you can revoke permission at any time through your bank.