2 min read
What it means
Open banking is an FCA-regulated framework that lets you grant a lender secure, read-only access to your business bank transactions through your bank's own systems. It replaces posting bundles of statements. Access is explicitly granted by you, time-limited, and revocable — and it is view-only, so no one can move your money through it.
Why it matters for your company
For borrowing, open banking is a major speed-up: the lender verifies real turnover directly, so decisions are faster and based on fact, not a snapshot. Because it shows genuine recent trading, it also helps newer companies and those with thin filed accounts. You can withdraw consent at any time through your bank. See open banking and your application.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
Can a lender take money via open banking?
No. Open-banking access for lending is read-only — it lets the lender see transactions to verify income, nothing more. It cannot be used to move funds, and you can revoke access whenever you like.
Is open banking secure?
Yes. It is FCA-regulated, runs through your bank's secure systems with encryption, and never shares your login details with the lender. You control what is shared and for how long, and can withdraw consent at any time.
Related reading
What does open banking mean for my loan application?
Open banking lets you securely share your business bank data with a lender, so it can verify your cash flow…
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How do I prepare my business to borrow?
Get your bookkeeping current, your credit file clean, and a simple cash-flow forecast ready before you apply…
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How do I improve my chances of a business loan?
Clean your credit file, show consistent bank turnover, borrow a sensible amount for a clear purpose, and…
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Is Open Banking safe when applying for finance?
Yes — Open Banking is built to be safe, and it is regulated rather than a private arrangement. You authorise…
Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.