Open Banking
This article will explore open banking using Credas and contains the following information:
- What is open banking?
- Open banking on credas
- Open banking standalone journey
- Open banking in Source of Funds
- How do you send an open banking check to an individual?
- Results
What is open banking?
Open banking allows individuals to securely share six months worth of their financial data straight to you giving a full breakdown of their account, highlighting any discrepancies for your review. This saves time for both you and the individual, eliminating the need for sharing bank statements over email, and questions back and forth. Open banking can be used for affordability checks or source of funds checks.
Our open banking solution connects with 95% of UK banks, including the big 5 - Lloyds, HSBC, Barclays, Natwest and Santander; as well as challenger banks such as Starling, Revolut and Metro. You can view the full list of banks that can be connected too here.
Open banking on credas
There are two ways to request that an individual completes open banking using Credas:
- Sending the individual a standalone open banking check; or
- Send the individual a source of funds check which has open banking embedded.
Open banking standalone journey
You are able to send an open banking journey to an individual as a standalone check away from source of funds. An individual can connect to one bank account per open banking only journeys. If you wish for them to connect to multiple bank accounts, please send them the equivalent journeys needed by clicking the re-run button below.
Open banking in Source of Funds
Within the Source of Funds check, if the individual chooses one or more of the following funding sources, they will be given the choice to either upload bank statements or connect to their bank using open banking to evidence their funds:
-ISA/LISA
-Gift
-Savings
They will be able to connect up to three bank accounts using open banking as part of source of funds. You can read more on our source of funds here.
How do you send an open banking check to an individual?
If you wish to send an open banking/source of funds check to an individual who has already been created on Credas/has already been issued a journey (such as an AML journey), you can send the journey by clicking on the below buttons from within the individuals profile.
If you wish to send an open banking/source of funds check to a new individual who has not yet been created on Credas, please see the steps here. If you do not currently have access to our open banking/Source of Funds check, please reach out to our team at sales@credas.com.
Results
If an individual connects to their banks via Open Banking, you will be presented with a report containing the following breakdown for your review:
| Section | Description |
| Bank accounts | Summary of all connected accounts, account details and available balance. I multiple accounts have been selected an overall balance will provided. |
| Affordability overview | Analysis of total income vs total expenditure over the past six months showing the difference between the two overall and on a month-by-month basis. |
| Expenditure calculation | Analysis of all expenditure over the past six months will all outbound transactions automatically summarised and categorised including a month-by-month breakdown. |
| Income | Analysis of all inbound transactions and income over the past six months with inbound transactions automatically summarised and categorised as a single six month period. |
| Income calculation | Analysis of all inbound transactions and income over the past six months with inbound transactions automatically summarised and categorised including a month-by-month breakdown allowing you to quickly identify any unusual patterns such as an unaccounted for large transfer. |
| Regular outgoings | Summary of regular direct debit and standing orders associated with the connected account such as mortgage payments, credit cards and insurance. |
| All transactions | Six months full transaction history for each connected |
Incoming transactions will then be analysed and sorted into 1 of 27 categories including:
- Cash
- Gambling income
- Insurance payouts
- Salary
- Inter account transfers
- Peer-to-peer transfer
- Transfer from crypto-broker
Outbound transactions will be broken down into 1 of 74 categories including:
- Cash withdrawals
- Buy now pay later
- Credit card bill
- Debt collection
- Gambling spend
- Loan repayment
- Utilities
Got any questions?
If you have any questions please reach out to the Credas support team by contacting us here
We are committed to continually improving our support resources for you. We would greatly appreciate your feedback on this article to help us enhance your experience.
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