Open Banking
Open Banking is a UK framework that lets consumers and businesses securely share their bank transaction data, with consent, through regulated APIs. Lenders use it to verify income and affordability from real account data and to take account-to-account payments.
Introduced in 2018 under the CMA order and the Payment Services Regulations, Open Banking is governed in the UK by the FCA and Open Banking Limited. Access requires authorisation as an Account Information Service Provider (AISP) or Payment Initiation Service Provider (PISP), or using one that is authorised.
For lenders, Open Banking data shows categorised income and spending, balances over time and existing commitments, giving a far richer picture than declared figures or a credit file alone.
Credit Canary builds open banking into one platform for UK lenders, with the data and decisioning behind it.
Open Banking integrationSee open banking in a working platform
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