As part of Bridging Finance Solutions (BFS) ongoing commitment to streamlining processes, reducing administration and enhancing the client experience, the firm has launched Open Banking.
Open Banking will ultimately allow BFS to access a client’s financial data, with full permission, using a secure and safe approach under a government-led drive to improve efficiency within the financial sector.
BFS is believed to be one of only a handful of bridging finance companies to fully incorporate Open Banking into its underwriting process.
Rachel Davis, Head of Underwriting at BFS explained, “Open Banking ultimately negates the need for traditional hard documentation and provides real-time access to a client’s financial accounts whilst allowing access to the past 90 days transactions, which form an integral part of the due diligence process. The platform allows us to identify incomings and expenditure, examine credit rating and consider affordability, allowing us to make decisions within minutes.”
BFS have chosen Perfect Data Solutions Ltd (PDS) as its Open Banking partner, a provider which forms part of the government-backed Open Banking Scheme. The process is incredibly simple and requires minimal initial online input to share access.
Rachel added, “There is a lot of administration associated with any type of lending, however, time is often a key factor when bridging. Open Banking allows us to speed up this area of the application process in a safe and secure way.”
BFS continue to explore the use of technology to enhance and improve the bridging process whilst retaining a commitment to providing the highest levels of customer services and security.
FAQs
Is Open Banking safe?
Open Banking uses rigorously tested software and security systems. You will never be asked to give access to your bank login details or passwords to anyone other than your own bank or building society
Are my bank statements automatically shared with BFS through Open Banking?
No, you need to provide explicit consent to your bank
Are all my bank accounts accessible through Open Banking?
This only applies to your bank accounts that you can access online or by mobile
Do I need to provide my bank statements to BFS via Open Banking?
No, you can alternatively send your paper bank statements to BFS
What is the benefit to me of sending my bank statements to BFS via Open Banking?
Speed – it reduces the time and inconvenience of you having to send paper bank statements into the office or downloading and sending bank statements electronically
Can BFS access all my bank accounts?
No, you need to provide express permission for each individual bank account
Once I authorise BFS access to my Bank account will BFS have unlimited access to my bank account until I cancel this authorisation?
No, you authorise access for the next 90 days. Within this period you can cancel this access at any time by notifying your bank
Is there a charge to use Open Banking?
No – Open Banking with BFS is free
Where can I find out more about Open Banking?
Visit www.openbanking.org.uk
