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Open Banking is a secure method of sharing your financial data from your bank accounts.
This includes information like your balance, income, outgoings, overdraft, etc. Sharing information through Open Banking is easy and secure and allows us to promptly review the output. It is only offered by your bank to regulated companies. Using Open Banking does not impact your credit file and you can withdraw access at any time.
How does it work?
You will be securely transferred to your bank, who will prompt you to log in to your online banking. Once connected to your bank, you can give us access to your account information for a limited period of time, this has been set at 90 days. We will treat this information in accordance with this Privacy Policy. By allowing the sharing of your banking data with us, you can often get a quicker decision on your finance application without having to provide physical paperwork. Reducing the amount of manual checks speeds up decision-making and can help open up access to credit.
How do customers access the tool?
Customers access via this URL: https://braemarfinance.vantage.money/welcome
Security measures
Any company that is enrolled with Open Banking is regulated in their country of origin. In the UK, this is the Financial Conduct Authority. Once you’ve given explicit consent to share your information you will be redirected to your own bank or building society’s login page, where you’ll enter your online banking login details directly. This allows you to authorise your bank or building society to share your data securely. Open banking uses bank-level security and end-to-end encryption, so your data is secure at all times, and you’ll never be asked to share any of your banking passwords or logins with us or anyone else.
Why use Open Banking?
Open Banking significantly speeds up the decision-making process for our Underwriting Team as key financial information is shared at the click of a button. Collating and emailing/posting bank statements is a thing of the past, removing the admin burden from you.
Do I have to use Open Banking?
It’s entirely up to you whether you choose to use Open Banking, however if you choose not to, you will still be required to provide bank statements via post or email as part of your finance application. Choosing to use Open Banking is not only more secure than providing bank statements, but it is also significantly quicker. All the information we need is available at the click of a button, securely shared through our online system.
Need more help?
Visit the Open Banking website: https://www.openbanking.org.uk/what-is-open-banking/
Contact our team: https://www.braemarfinance.co.uk/s/enquiry
Call us: (01) 906 9251
How does it work? You will be securely transferred to your bank, who will prompt you to log in to your online banking. Once connected to your bank, you can give us access to your account information for a limited period of time, this has been set at 90 days. We will treat this information in accordance with this Privacy Policy. By allowing the sharing of your banking data with us, you can often get a quicker decision on your finance application without having to provide physical paperwork. Reducing the amount of manual checks speeds up decision-making and can help open up access to credit.
How do customers access the tool? Customers access via this URL: https://braemarfinance.vantage.money/welcome
Security measures Any company that is enrolled with Open Banking is regulated in their country of origin. In the UK, this is the Financial Conduct Authority. Once you’ve given explicit consent to share your information you will be redirected to your own bank or building society’s login page, where you’ll enter your online banking login details directly. This allows you to authorise your bank or building society to share your data securely. Open banking uses bank-level security and end-to-end encryption, so your data is secure at all times, and you’ll never be asked to share any of your banking passwords or logins with us or anyone else.
Why use Open Banking? Open Banking significantly speeds up the decision-making process for our Underwriting Team as key financial information is shared at the click of a button. Collating and emailing/posting bank statements is a thing of the past, removing the admin burden from you.
Do I have to use Open Banking? It’s entirely up to you whether you choose to use Open Banking, however if you choose not to, you will still be required to provide bank statements via post or email as part of your finance application. Choosing to use Open Banking is not only more secure than providing bank statements, but it is also significantly quicker. All the information we need is available at the click of a button, securely shared through our online system.
Need more help? Visit the Open Banking website: https://www.openbanking.org.uk/what-is-open-banking/
Contact our team: https://www.braemarfinance.co.uk/s/enquiry
Call us: (01) 906 9251
