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.