Open banking is a quicker and more secure way for us to verify your sales and banking data. When a connection using open banking is made it allows us to see your sales data, which is what allows us to generate offers. This functionality is facilitated by Plaid, which will be shown when you make the connection. The connection will last only 90 days, and can be severed at any time from your online banking.
Please note, what we will be able to see if you are connected via open banking is a spreadsheet provided to us from the bank, showing the needed bank and transaction data. We do not have access to the account that has been connected.
We also require an active connection if your repayments are set up to be a paid via Direct Debit that will be charged percentage of your sales or disbursements. The reason for this is that without this permission we cannot calculate the accurate percentage of sales or disbursement and as a result can not take the variable Direct Debit payments. As mentioned above, the access will be automatically removed after 90 days, you will be notified via email when to refresh the connection.