What is Open Banking?
Open Banking is the secure way for us to access your financial information when you apply for a Frasers Plus credit account.
By consenting to Open Banking, we’ll be able to confirm your identity and make an informed decision. We'll not share this data with any third parties.
How does it work?
Firstly, you’ll need to enter some basic information such as your name and phone number. You’ll then be asked to select your bank and authenticate yourself using what’s called “Open Banking”. This looks just like your online banking login and is a service provided directly by your bank. Our Open Banking partner, consents.online, will then make a secure connection with your bank account. This may take up to two minutes. Please don’t close the browser window whilst consents.online is processing. consents.online works directly with your bank to provide this service, using Open Banking .
Who is consents.online?
consents.online is a regulated Account Information Service Provider (AISP), regulated by the Financial Conduct Authority (FCA). They’ll help you share your data in a safe and secure way.
If you’d like more information about consents.online and the Open Banking process, you can find more information on their website by clicking here: How it works - consents.online
How does consents.online connect with my bank?
consents.online will connect to your account directly using Open Banking. They’ll make a request, your bank responds to it by packaging information up, encrypting it and sending it back. When it comes to Open Banking, think of it as secure packages of data being transferred between two places. It's extremely secure and delivers only what is necessary and nothing more.
Is this safe?
consents.online is authorised and regulated by the Financial Conduct Authority in order to act as an Account Information Service Provider (AISP). Their Financial Conduct Authority registration number is 792642. Also, consents.online use bank-level security as well as rigorously tested software and security systems. By using consents.online to share your data you’re always in charge. You decide what information companies can access and for how long. No one gets access unless you say so.
To provide our Open Banking service we comply with the strict rules set out by regulators such as the Financial Conduct Authority and the Information Commissioner’s Office (ICO). Our Financial Conduct Authority registration number is 311908.
Will I be charged for using this service?
No, it is completely free.