What is Open Banking?
If you have your online banking set-up you’ll be able to share your account directly with Salad Money’s Artificial Intelligence driven system. This protects your data and enables Salad Money to make an assessment of your ability to afford the loan that you are applying for.
Open Banking is a new service but it is completely in your control. It is your choice to use services made available by Open Banking such as our lending product, by sharing your data you allow Salad Money to assess you fairly without editing your bank details, transactions and without impacting your credit score in any way. This is the beauty of Open Banking.
Whenever you agree to share your data using Open Banking it will only ever be the data you agree to and you can cancel that at any time.
Protecting your data and your finances
The security of your information is at the forefront of everything we do at Salad Money. If you agree to share your Open Banking data it is our responsibility to protect it in every which way we can. Three things you should be aware of:
Only you can choose to share your data
You can stop sharing your data with us at any time
We behave responsibly and we invite scrutiny
Your banking data is protected in exactly the same way as it is when you use your internet banking.
Why am I sent to my online banking provider during the application process?
Whenever we ask for your online banking log in details you will be transferred to your banking providers Open Banking log in page. This is so that they can make sure it’s really you logging on. This is the point you allow Salad Money access to your protected Open Banking data, once your banking provider has confirmed it’s you.
Open Banking is a new service but it is completely in your control. It is your choice to use services made available by Open Banking such as our lending product, by sharing your data you allow Salad Money to assess you fairly without editing your bank details, transactions and without impacting your credit score in any way. This is the beauty of Open Banking.
Every one of the major banking providers offers Open Banking services and if you are still unsure about the service, below are the links to each of their pages on Open Banking:
