To help us assess your suitability for a loan, we will sometimes collect Banking Transaction Information (BTI).
To collect the BTI we may use a third-party provider Perfect Data Solutions Limited or Account Score.
The third-party provider will ask you to provide them with some personal information to enable them to access your Bank Account and extract BTI for us.
They can do this due to a UK government initiative called Open Banking.
Open Banking is the secure way of providing access to your bank or building society account to providers who are registered for this purpose.
Registered providers and participating banks and building societies are listed under the Open Banking Directory.
By permitting access to your bank or building society account information, we are able to make a better lending decision as we shall be able to verify your income, outgoings and other matters in order to assess what loan terms would be suitable for you based upon what you can reasonably afford to repay.
Further information about Open Banking is available from http://www.openbanking.org.uk.
During your loan application we may direct you to a third party’s secure portal (“the Portal”) for the purpose of granting the third-party access to your bank or building society account information.
We will receive your BTI from your bank or Building Society (via the third party provider) it shall be reported back to us in the form of a completed search. We will use the BTI to help us assess your loan application (“the Permitted Purpose”).
Any data you submit via the third party’s Portal will be encrypted and its usage tracked as part of the Open Banking data security standards.
We are responsible for safely directing you to the Portal and for the safe receipt and usage of your BTI.
You will not be required to share your banking password or log in details with either us or a third party. Once you have given your explicit consent to share your bank account information on the Portal you will be directed to your own bank or building society’s login page where you will enter in your own login details directly.
The third party provider shall be entitled to re-access your BTI for up to 90 days from the date of your original search result, in order to refresh the search results, obtain a snapshot of your data or gather additional data related to your application.
The BTI we receive about you will only be used for the permitted Purpose. We do not sell or share BTI with any third party.
Where your bank or building society have already permitted access to your BTI, you would need to contact them directly in order to withdraw your consent under their particular Open Banking terms and conditions.
Under Open Banking as your personal data is shared by your bank or building society and accessed by the third party you may also be able to exercise your individual data protection and privacy rights against either of them pursuant to their own terms and conditions and privacy policies.