Open Banking can only be accessed using an online application process. It is not possible to take open banking instructions from an applicant in any other manner.
A credit union could build the integration themselves. NestEgg provides a Workflow product with optional Open Banking functionality.
This is an online loan application process that sits as a subdomain on your website. Typically when loans are referred an applicant is asked to provide their bank statements either by sending them into the office or by using Open Banking:
TrueLayer
NestEgg works with its partner, TrueLayer to provide access to Open Banking information. TrueLayer are authorised by the Financial Conduct Authority to undertake this activity. TrueLayer provide the secure framework to transmit the transactional information from the applicant's bank account into the dashboard.
At no time does NestEgg see the actual bank account statement itself.
Authorisation process
After selecting to authorise online access the applicant is taken to a consent page.
On the left hand side of the page they can click on drop down tool tips that give more information about TrueLayer, how it works, security, and regulatory information. On the right hand side of the page an applicant can find out what information they are sharing.
At anytime they can cancel and return to the previous page (above). They then have the option of supplying bank statements another way.
Once the applicant has selected allow they are taken to the bank account log in screen. Here they have the option to log in from the same page or through their usual bank portal (by selecting a bank logo with OB in the top right corner).
The applicant must then log in using their usual credentials, for example:
Once logged in a timer is displayed:
And the member is taken back to the end of the loan application process:
The results from the call are then displayed in the 'spend' tab on the dashboard.