The Partner Academy
  • 💡Updates Board
  • 🛠️Getting Set Up With Knoma
    • Becoming a Knoma Partner
    • Knoma Onboarding
      • 'Pay with Knoma' for your site.
      • Guidance for Marketers & Designers
      • Examples: Knoma on Websites
      • Guidance for Developers: Installing the Button [Deprecated]
    • Using The Partner Portal
      • Partner Portal Dashboard
      • Adding New Courses & Course Variants
      • Email Marketing with Knoma
      • Opting in for email notifications
      • Student Deposits
      • Setting up your Team
    • Setting up International Payments
    • Announcing our Partnership
  • 💽Knoma's Resource Bank
    • Who are Knoma?
    • How does it work?
    • What's the application process?
    • What is Open Banking?
    • How can we advertise on Knoma's site?
    • Guides for Admissions & Sales
      • Using the Eligibility Checker
      • Handling Enquiries About Knoma
      • Knoma & Student Loan Agreement
      • Explainer Videos
      • Flyer for Learners
    • Guides for Marketers
      • Marketing Guide and Resources
      • Examples: Knoma on Websites
      • Collaborate on Content
      • Including Knoma at open evenings and webinars
  • ☎️Feedback & Contact
    • Reach Out
    • Provide Feedback
    • Report a Bug
    • Collaborate on Content
  • 🔐Knoma's Regulated Finance Product
    • Becoming an IAR of Knoma
    • What it means to be an IAR & Training
    • IAR Summary
    • Financial Promotions
    • Complaints Handling
    • Financial Ombudsman
    • Authorised firms (Credit brokers)
Powered by GitBook
On this page

Was this helpful?

  1. Knoma's Resource Bank

What is Open Banking?

What is Open Banking? How it works, what it means for students applying through Knoma.

PreviousWhat's the application process?NextHow can we advertise on Knoma's site?

Last updated 2 years ago

Was this helpful?

Knoma may ask a customer to link their bank account, via Open Banking, so we can determine if a loan would be affordable. This is part of our core mission to provide ethical finance as well as a regulatory requirement.

Open Banking is a free and secure way for customers to easily share their banking transaction information with parties they trust. Open banking uses rigorously tested software and security systems. Users will never be asked to give access to their bank login details or password to anyone other than their own bank or building society. They're also protected by data protection laws and the Financial Ombudsman Service.

Written into UK law as part of the 2017 Payment Services Regulations, Open Banking is fully regulated and can only be provided by companies that meet Financial Conduct Authority (FCA) standards (or EU equivalence). Customers can learn more about Open Banking .

Please reach out to Knoma's support team at epsupport@knoma.io if you would like more clarity on Open Banking in the United Kingdom.

💽
here