2 min read
What's happening
Open banking worries some directors because it involves connecting the business bank account. In fact it's one of the safer ways to share financial data: it's regulated, you authorise it through your own bank's secure page, and the access is read-only.
What to do
What you grant is permission to view transaction data to assess affordability — not to move money, and not a copy of your bank login. You can withdraw it at any time from your bank's settings. It often means a faster, fairer decision. See giving and revoking permission and how your data is used.
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