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OPEN BANKING

Accelerate your customers' homeownership goals.

Open Banking is available to customers who are taking out a mortgage with us. We’ve created this page to provide you with detailed information about the service and how it can benefit your customers.

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What is Open Banking?

We have partnered with Experian to introduce Open Banking, now available on Bluesky, which enables us to automate the sharing of bank transaction data, determining mortgage applicants’ affordability quickly. With your customer’s permission, Open Banking grants Bluestone Mortgages access to a more comprehensive view of your customer’s financial history. The process simplifies your affordability assessment by significantly reducing the time and uncertainty usually associated with the mortgage application. 

Is Open Banking safe?

Open banking employs bank-grade security measures and end-to-end encryption to establish a secure connection directly with your customer’s bank. Sharing bank statements automatically is as safe as online banking. We don’t have access to your customer’s login credentials and only use the transaction data for mortgage assessment, and do not share the data with anyone else.

The customer’s bank shares only the pre-agreed information, ensuring the data is secure at all times. This is a one-time access process, which means that once we receive the data, the connection is immediately terminated, and we do not retain ongoing access to your customer’s account information.

Why use Open Banking?

Affordability passport

In a single view, we can access your customer’s bank statements digitally to assess their income, expenditure and wider financial position. This can be shared with your customer if they request it.

Your customer is always in control

By being entirely consent-driven, the Open Banking process assures customers that they are in charge of what data they share, with whom, and for what purpose.

Does your customer have to use Open Banking?

Your customers have the freedom to decide whether they want to use the Open Banking route for their application. However, if they decide against it, they will still have to provide paper-based or pdfs of bank statements as evidence of their income and expenditure.

Opting for Open Banking is not only a more secure way of sharing bank statements, but it is also considerably faster. Our online system enables easy access to all the necessary information with just one click with their permission.

We've created a step by step video guide on how to use Open Banking.
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What banks do we connect to?

If your bank is not among the following list of banks compatible with the Experian Open Banking Journey, you will not be able to use Open Banking currently. However, Experian is working on expanding the list of compatible banks and hopes to include more in the near future.

AIB (NI) AIB (GB) AIB (ROI) Bank of Ireland Bank of Scotland Business Bank of Scotland Personal Barclays Capital One Bank
Coutts Danske Bank Business Danske Bank Personal First Direct Halifax HSBC Business HSBC Personal Lloyds Business
Lloyds Personal M&S Bank MBNA Monzo Nationwide Natwest Permanent TSB (ROI) Revolut
Royal Bank of Scotland Santander Tesco Bank TSB Ulster Bank Ulster Bank (ROI) Virgin Money Virgin Money Credit Card

 

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