What is Open Banking? 🖥️

Open Banking is a secure way to give us access to your financial transaction information.

Open Banking was established by the Competition & Markets Authority to bring more competition and innovation to financial services which, in turn, leads to improved products and customer journeys to help manage your finances.

In order to use our services, you will need to provide consent for Open Banking access to your bank accounts.  As part of the loan journey, you will be directed to an Account Information Service Provider (AISP) who will in turn direct you to your bank to let you authenticate your self and provide consent. We currently use the services of either Consents Online Limited (part of the Equifax Group) or Bud. Once you have provided consent for Open Banking, your historical transaction data and bank account details will be provided securely by the AISP to Abound. Abound does not have access to your bank account.  We only transfer sufficient data to enable us to make an informed and responsible lending decision. Open Banking consent lasts for three months unless withdrawn by you earlier.

As part of your agreement with Abound, you will need to ensure that you maintain Open Banking consent. This will allow us to assess your requests for loan management actions and identify if you may be experiencing financial difficulty. Consent renewals is managed by the AISP. If your consent lapses, you may be asked to reconsent.