Open Banking

Open Banking

Open Banking chose NorthRow to deliver their onboarding processes, as they set the standard for securely managing customer financial data.

“NorthRow has been very easy to work with; they have listened, and their approach is professional, transparent and consultative. Their ability to deliver a bespoke solution that combines automated identity checks with the added security of face-to-face verification made them the obvious choice.”

Nigel Spencer

Head of Support Services at Open Banking

Open Banking checks

Background

Open Banking was created by the UK’s Competition and Markets Authority to configure software standards and industry guidelines to drive competition and innovation in UK retail banking.

Across the market, Open Banking is a new, secure way for customers and SMEs to take control of their financial data and share it with organisations other than banks via open APIs. Open Banking has the power to revolutionise the way we move, manage, and make more of our money. For businesses, it is about making cash flow management and receiving payments cheaper and more accessible.

Key benefits

Helping Open Banking to onboard new customers and employees in the simplest, safest and fastest way.

Fully scalable solution

Fully scalable solution to meet growth demands.

Monitor clients in real-time

Accelerated onboarding

Real-time and automated ID verification.

Meeting standards

Streamlined process in line with Government standards.

The Challenge

To deliver straightforward client onboarding experiences

Any FCA-regulated party can apply to access the Open Banking network, so thorough and comprehensive verification checks are paramount, ensuring that customers’ financial data remains protected.

Open Banking needed a technology partner to deliver straightforward client onboarding experiences for their third-party developers who wanted to gain access to the Open Banking network. This is whilst providing complete verification checks to ensure the highest level of security was met.

How NorthRow Helped

Fully managed, low-tech service for enhanced due diligence

NorthRow worked with Open Banking to deliver an identity verification solution that met their demands and particular security and customer requirements. The solution digitally transforms its onboarding, monitoring, and verification processes.

To accelerate the onboarding of TTPs clients, NorthRow’s single-point solution performs real-time and automated identity verification on both individuals and corporate entities.

Alongside the automated verification solution, NorthRow provides a fully managed, low-tech service for enhanced due diligence, including everything from face-to-face and online video calls to check that faces match documents; address validation through the mail; manual identity document validation; plus other enhanced due diligence, where needed.

Open Banking can continually monitor its TPP developers with NorthRow’s single-point solution, receiving alerts to any changes in their clients’ risk status, significantly improving security and reducing business risk.

What Now?

Thorough checks using multiple steps

The data provided by Open Banking will enable developers to harness technology that allows individuals and businesses to share their financial records held by their banks with third parties.

NorthRow’s robust approach to validation ensures that a thorough check is made using multiple steps to ensure that the process is comprehensive while remaining low touch. Working with Open Banking is the latest confirmation of NorthRow’s leadership in providing the highest levels of identity verification.

Testimonial

“NorthRow's ability to deliver a bespoke solution that combines automated identity checks with the added security of face-to-face verification made it the obvious choice when deciding which firm to partner with to securely deliver Open Banking.”

Nigel Spencer,

Head of Support Services

4,000+

Companies and individuals verified through NorthRow by Open Banking

60+

Different countries included within the verification process

5+

Years of partnership between NorthRow and Open Banking

About NorthRow
Highly secure KYC/B and ID and verification cloud software
With an extensive breadth of experience and leading software solutions, NorthRow helps businesses to successfully onboard new clients and employees. We do this through robust compliance, monitoring and remediation capabilities giving you peace of mind knowing the burden of risk management is taken care of. We unlock more time for you to focus on the single most important task - growing your business safely.

Ready to get started?

Book your free demo of our comprehensive AML compliance solution today.

Comments are closed.
An Introduction to Open Banking

Open Banking came into effect on January 13, 2018. In this short blog we look at what Open Banking is, who it is for, and why it is important.

What is Open Banking?

Open Banking is a new, secure way for customers to take control of their financial data and to share it with other organisations including other banks.

It is the retail banking industry’s response to the UK Government’s request for fairer, more transparent banking and financial services, and follows the Competition and Markets Authority (CMA) investigation into the supply of personal current accounts (PCA’s) and of banking services to small and medium-sized enterprises (SMEs).

Why was the business created?

Open Banking was created to enable innovation, transparency and competition in UK financial services, by making it easy and safe for individuals and SMEs to share the financial information held by their banks with third parties.

A number of additional drivers were evident including the aim of spurring innovation, and competition in financial services. Inertia and switching costs are powerful elements of most banking relationships and as a result many of us do not ‘shop around’ or switch banks. By facilitating a data share via APIs it is believed that new innovative providers will enter the market with compelling propositions.

What are the key benefits?

The key benefits largely relate to the creation of a more attractive ecosystem for innovators, while also allowing customers to better understand their financial positions and their options. Many of us are multi-banked and lack a dashboard view of our accounts meaning that in some instances we may have too much savings in low interest accounts while simultaneously paying over the odds on an overdraft facility with a competitive institution. It is hoped that better API access can allow the likes of dashboard applications become more commonplace, empowering customers to make better decisions as to their finances.

How does it work?

There are two primary methods being used – screen scraping and API access. The former essentially allows read only access, while the latter is perceived to be more secure and facilitates deeper access based on access credentials permitted by the account holder.

Is it secure?

Yes it should be. After all it is designed to facilitate access between regulated companies.

What has it to do with NorthRow?

NorthRow delivered a customised solution that provides Open Banking with a complete picture of who they are working with, not just in the UK but now across Europe.  Our robust approach to validation ensures that a thorough check is made using multiple data points to ensure that the process is comprehensive while remaining low touch.

Blog call to action - demo
Comments are closed.