As part of our application process, we require you to share transaction data from all of your eligible bank accounts via Open Banking. Having this data gives us a clear overview of your financial situation so we can make an accurate assessment of the affordability of the loan.
What is Open Banking?
Open Banking is a platform that connects your online or mobile banking with authorised businesses. Think of them as the middle man between your bank and us. We don’t have access to your accounts or login details, we’re simply given details of your income and outgoings, similar to you sending us paper copies of your bank statements.
How does Open Banking work?
- Follow the one-time link we send you to Experian’s Open Banking platform (known as the Affordability Passport) and the instructions to provide consent.
If your network times out or you close the page before finishing, you’ll need to contact us to get a new link. - When prompted, connect all current accounts held in your name, including any joint accounts.
If you have any secondary account(s) which are not compatible with Open Banking, we’ll request copies of your bank statements instead. - Your bank account transaction data is automatically categorised and securely sent to Norwich Trust. One of our team will then review the data before contacting you to complete our assessment.
Open Banking FAQs
Open Banking will show us account details such as the name on the account and current balance as well as all transactions made within a certain period, including direct debits, standing orders and bank transfers.
So that we can assess if any loan that we offer you is affordable, we need a full overview of your monthly income and household expenditure.
Open Banking provides us with this information so that we can carry out our assessment.
Yes. In order for Open Banking to connect your accounts, you must be registered with online or mobile banking.
Yes, Open Banking has been designed with your safety and security in mind.
- All companies working with Open Banking must be regulated by the FCA (or European equivalent)
- You can choose how long businesses have access to your data and can withdraw your consent at any time.
- Only your transactions are shared – companies will not be able to see your pin, passwords or other private data linked to your bank account
Open Banking data is vital to our application process. Of course, it is your choice whether you wish to share this with us but if you chose not to, sadly we can’t continue your application.
Yes, Open Banking is entirely free. Neither Experian nor Norwich Trust will charge you for using this service.
There are a limited number of banks that aren’t currently compatible with Open Banking.
These are:
- Chase Bank
- The Co-operative Bank
- Cumberland Building Society
- Metro Bank
- Think Money
If your main account is held with one of these banks, we won’t be able to connect them via Open Banking, meaning we’re not able to process your application.