As part of the on-boarding process JCB Finance need to validate the identity of customers, safely and securely and at times access information to support an application for finance. This is initiated by JCB Finance when we deliver our Privacy Notice to customers.
One of the ways we validate customer information is by adopting Open Banking. This is facilitated via a service provider that is authorised and regulated by the Financial Conduct Authority (FCA), called Consents Online Ltd (‘consents.online’).
Sharing your information with us via Open Banking
If you choose to share your information with JCB Finance via Open Banking, we will send you an email and an SMS with the details registered on your account to complete. If you have any questions, please contact your Relationship Manager or our Customer Services Team on 0800 150650.
What is Open Banking?
Open Banking allows you to share certain financial information that only you and your bank can see, such as your bank balance and transaction history, with other financial providers of your choice. Regulations that came into force in 2018 meant that all UK-regulated banks must give you the option to share your financial information from your bank, savings, and credit card information. The intention for this is to encourage more competition in the financial services sector resulting in more products, choice and innovative services to customers.
Through FCA authorised third party service providers like consents.online you can share your data with organisations like JCB Finance, securely through an Open Banking programme called application programme interfaces (APIs) – a technology that is as safe as online banking. You simply give the service provider permission to share your information and there is absolutely no need to share your banking login or password with anyone.
Open Banking is regulated, monitored and built on the principles of UK GDPR.
Who is consents.online?
consents.online is a regulated Account Information Service Provider (AISP), regulated by the Financial Conduct Authority (Firm Reference No. 792642). consents.online offer a quick, and secure way to provide your Open Banking information to JCB Finance. For more information, please visit their website https://www.consents.online/.
You have control
In addition to helping you share your data in a safe and secure way consents.online also provide you with access to a free portal (available online and via an app) where you can see what you’ve shared, control and revoke access to your data at any time. If you revoke access, it will mean that consents.online and any services you previously granted access to will no longer be able to view your information, unless they are required to store it by law. This is ensuring you are always in control of your data.
Does your bank participate in Open Banking?
Initially only the UK’s largest banks and building societies must make your data available via Open Banking but many others choose to do so and the list is growing. Check with your bank or visit https://www.openbanking.org.uk/
JCB Finance’s Privacy Notice provides additional information on how we collect, use, and disclose your personal information.
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