Open Banking: Faster, safer, and easier financial data sharing

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Open Banking is now LIVE!

Please read on to find out about the key benefits as well as things you should be aware of about this change!

We've partnered with BASIQ to bring you Open Banking - a secure and efficient way for clients to share their financial information directly from their financial institutions. Unlike traditional screen scraping, Open Banking eliminates the need for clients to enter their online banking passwords. Instead, they're securely redirected to their financial provider's official online banking portal, ensuring a safe and trusted experience.

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Key benefits at a glance

• Automatic Bank Statement PDFs – When a client connects via Open Banking, you’ll now receive open banking -generated PDF statements automatically—no more manual uploads!
• Enhanced Security – Clients wanting to connect their accounts will do so using via the Government regulated Open Banking system. This eliminates the need for clients to enter their online banking passwords.
• More Financial Institutions – Clients can now connect to over 136 financial institutions, covering 99% of the population, providing a more robust connection option.
• Faster Applications – Once connected, we automatically pre-fill financial information directly from the client's bank, significantly reducing manual data entry and speeding up the application process.

Client experience re-design

The "Bank Connections" screen has been redesigned to prominently display the Government-recognised Consumer Data Right (CDR) logo, building trust and reassurance. This visual cue helps clients feel confident in securely sharing their financial data via Open Banking. Clients who prefer not to use Open Banking can easily progress using the 'Enter manually' option.

Banking statements from Open Banking

To locate the Bank statements retrieved from Open Banking...

1. Select the relevant Discovery Journey
2. On the left hand side navigation, expand open 'Documents'
3. Select 'Bank statements'

By default, you'll be in the 'Connected accounts statements' tab. Any accounts connected by your clients will appear here along with a link to the relevant bank statement PDFs.

If you wish for your client to use your other 3rd party Bank statement capture tool (e.g. Illion), you can find this in the 'External statement retrieval' tab.

Key considerations during the transition:

Client platform 'Terms of Use' update

As part of the move to Open Banking, we're updating our platform's 'Terms of Use' to reflect the new data sharing agreements and ensure compliance with Open Banking regulations. All customers must re-accept the updated terms upon their next login before continuing to use the platform.

• Impact on "Edit as Customer" / "Co-Pilot" Function: The "Edit as Customer" / "Co-Pilot" functions will be temporarily unavailable until all applicants have accepted the updated Terms of Use.

For Fact-Finds in progress

Clients who began a Discovery Journey before the Open Banking update will continue using the previous process to maintain data consistency. Any progress made will be saved. All applicants, however, must re-accept our updated Terms of Use before submitting their Discovery Journey. All new Discovery Journeys sent after the update will use the new Open Banking experience.