As any lender would, JCB Finance need to validate the identity of customers, safely and securely and at times access information to support an application for finance. To do this we use Open Banking via a service provider that is authorised and regulated by the Financial Conduct Authority (FCA), Consents Online Ltd (‘consents.online’).
Sharing your information with us via Open Banking
If you have been asked to share your information with JCB Finance via Open Banking we send you an email and a SMS to the details registered on your account to complete a few simple steps. If you have any questions please contact your Relationship Manager or our Customer Services Team 0800 150650.
What is open banking?
Regulations that came into force in 2018 meant that all UK-regulated banks must allow you 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 API – a technology that is as safe as online banking. You simply give the service provider permission share your information and there is absolutely no need to share your banking login or password with anyone other than your bank.
Open Banking is regulated, monitored and built on the principles of GDPR.
Who is consents.online?
consents.online are a regulated Account Information Service Provider (AISP), regulated by the Financial Conduct Authority (Firm Reference No. 792642). consents.online offer a quick, easy and secure way to provide your Open Banking information to JCB Finance. For more information visit their website https://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. Should you choose to 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. Putting you 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 so do and the list is growing. Check with your bank or visit https://www.openbanking.org.uk/