Open Banking

The speedy, simple, safe way to share information
  • Effortless sharing of financial information
  • Real-time, data-led insights to enable faster decisions
  • Secure, Government-backed technology

You can now share a one-off snapshot of your bank account with us through Open Banking, a fast and secure service that allows us to make quick lending decisions.

What's changed?

We’re introducing Open Banking for our customers to make sure that any further information requests, where we may need to get extra details from you to reach a decision, and account reviews can be carried out as quickly and easily as possible.

You can now connect your personal and business accounts through Open Banking to securely share your financial information directly from your main bank.

We can access a one-off snapshot of your account directly from your bank — it’s a lot like sharing one of your paper bank statements with us. This quick sharing of information will then help us to speed up lending decisions and account reviews.

What is Open Banking?

Open Banking is a Government-backed method for sharing financial information securely. It was brought about by a series of reforms to how banks deal with your information intended to bring more competition and innovation to the sector.

We’ve partnered with a technology company called Credit Kudos, which is authorised and regulated by the Financial Conduct Authority (ref. 770345 and 795791) to deliver Open Banking services.

Because of the safe and secure way that Open Banking works, neither Atom bank nor Credit Kudos will be able to view your banking log-in details at any point in the process.

What are the benefits of Open Banking?

Effortless sharing of information

Once you connect your account, you can securely share your financial data with us in seconds. This means we won’t have to contact you to confirm details and there’s no need to spend time faffing with paperwork.

Faster decision making

By giving us access to your financial information, you’re making sure we have everything we need to make quicker decisions for loan applications and account reviews.

Bank-grade security

Your shared information will always be secure as it’s encrypted via bank-grade security. This means you can rest easy knowing that you’ll be getting all of the benefits of Open Banking and your details will always be safe while doing so.

How does the Open Banking process work?

1. We’ll get in touch with you

We will send you an email with a link to a web page where you can start the connecting journey for Open Banking.

2. Select your bank and give consent

You’ll start by selecting who you bank with. Our partner, Credit Kudos, will then request consent to connect your account via their secure Open Banking journey.

You can link your personal and business accounts with Open Banking. With a personal account, it needs to be the main account where you receive income and pay bills. A business account must be the one used to manage your business, and where you receive your incoming payments.

Find out more about how we store and use your data by reading our privacy and data policy.

3. Authenticate via log-in

At the next step, you will be forwarded to your bank’s app or website, where you will be asked to sign in as usual. At no stage will Atom or Credit Kudos see your log-in details.

4. Review your financial situation

Once you get logged in via your bank, you will receive a prompt to grant Atom bank access to a snapshot of your financial transaction history. With this information, we can make lending decisions, receive further information requests, and carry out account reviews much more quickly.