Open Banking

Open banking explained in a bit more detail

Open banking essentially describes how banks allow regulated financial providers, such as Cambrian Funding, to access, use and share your bank account data.

This is not done without your consent.

• You will never be asked to give login details to anyone except your bank.
• The process allows access to your statement information only, so no one can make payments to another account.
• It’s fully automated and takes a few seconds so there is no waiting around.

How we Use Open Banking

We work with a fully authorised and regulated open banking specialist firm called Trustloop. They can create a secure, read only and time limited connection to your online bank account data. This is how it works:

• Firstly, as you complete your loan application, you will be asked to provide your consent for us to read your digital bank statement using the open banking technology. This is done by accessing your bank transactional data via our third party specialist Trustloop.
• They will connect you to your banks open banking system and you can then login using your online banking details.
• Your bank will then allow Trustloop to access your information on our behalf.
• We can then view your information to make sure that your loan is affordable to you.

This whole process is carried out online during the application process and only takes a few seconds to complete. There is then no need for you to provide any evidence of income or details of your expenditure as we will then have everything we need to provide you with a quick decision.

Protecting Your Data

Whenever you agree to share your data using Open Banking it will only ever be the data you agree to, you can stop sharing whenever you choose and your data is protected in exactly the same way as it is when using your internet banking.

Data we share with and receive from TrustLoop

We share your contact details:

• The full legal name(s) of account holder(s)
• Address(es), telephone number(s) and email address(es)

Trustloop provide to us with:

• Your account name, number and sort-code
  This helps prevent fraud as loan funds are paid directly in to the bank account provided.
• Your account balance
• Your account transactions including:
  - Regular standing orders and direct debits
  - Details of all incoming and outgoing transactions

What the banks say about Open Banking

To see what a number of the UK’s major banking providers say about the service, simply click on the links below:

Trustloop is a trading style of Open B Gateway Limited (Company Number 11910674) authorised and regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 as an Authorised Payment Institution to provide account information services (Firm Reference Number 913211)