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What is Open Banking?

What is Open Banking? How it works, what it means for students applying through Knoma.
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 here.
Please reach out to Knoma's support team at [email protected] if you would like more clarity on Open Banking in the United Kingdom.