1 December 2022
Changes to Open Banking 90-Day Access Consent Rule
The good news is that the 90-day rule is changing! The FCA, the UK’s finance regulator, has announced a change in the rule with effect from November 2022.
Integrating third-party open banking software into an existing platform can be a lengthy and complex procedure that interferes with daily business. FriendlyScore’s web-based solution avoids this process altogether so your business can begin using open banking technology immediately.
Open banking is already proving to be a valuable asset for businesses in the financial services sector and beyond. Its deep insights into a customer’s financial activity are leading to more informed, accurate and ultimately profitable decisions. However, businesses considering working with an open banking provider may be hesitant to undertake the disruptive procedure of integrating third-party software.
FriendlyScore has recognised this potential pain point for would-be adopters and is now offering a completely web-based solution that incorporates their full range of leading-edge open banking tools with zero software integration required.
No Integration? No Problem.
So how does an entirely web-based open banking solution work? Let’s dig in.
1. Log in to the secure client area.
When clients sign up with FriendlyScore, they are designated a secure area on the FriendlyScore website, which contains everything they need to begin using open banking immediately.
2. Send an invitation to the customer.
The first step is to start inviting customers to share data. FriendlyScore's automated invitation system facilitates this. Just enter a customer's details, and FriendlyScore takes care of the rest. The invitation system will send the customer an email containing a link through which they can begin their open banking journey.
3. The customer connects their bank account.
By clicking the link in their invitation email, customers are guided through the data sharing process by FriendlyScore’s FCA-regulated customer journey. During this, the customer can select the accounts they wish to connect and authorise data sharing through their bank’s secure verification procedure.
4. View data in dashboard/API.
As soon as a customer successfully connects their account, you will receive a notification that their data is ready to view. The full range of open banking analytics generated by FriendlyScore's proprietary software is available through a user-friendly dashboard and API, including transaction classification, balance history, income and salary verification, downloadable bank statements, credit risk and affordability insights, and much more.
FriendlyScore's web-based offering makes it easier than ever for businesses to onboard production-grade open banking tools without any software integration. What's more, FriendlyScore is currently offering a 30-day trial where you can try out this product's full functionality for free with no commitment to buy. For more details, visit their website at www.friendlyscore.com.
