Open Banking – How it works

Post on 14/04/2021

The secure way to apply for finance 

When you apply for finance through Marsh, Open Banking is a secure way for us to receive your financial data and information. It allows us to assess your affordability by accessing the electronic equivalent of bank statements, making it easy and simple to get your application moving. It also ensures total transparency of your income and expenditure details to ensure that as a lender we treat you fairly and do not make you vulnerable to financial hardship.

Your bank will only share data with businesses you authorise, and you can withdraw that consent at any time. Businesses that use Open Banking are regulated by the Financial Conduct Authority (FCA) and we will always ask you what data we need to access, how we will use it, and how long we will have access to it for. 

When you apply for a new loan, we want to make sure it is affordable. Previously, we would have asked you for 3 months bank statements, and your most recent pay slip which could be time consuming to find and forward to us.

With Open Banking this is an automated process, and we receive the information immediately, making it more convenient for you. 

If you want to learn more about Open Banking, please do get in touch with us at enquiries@marshfinance.co.uk and we will be happy to walk you through it.