FAQ

Open Banking is a government-backed technology that enables you to safely and securely share your financial information with special regulated providers. Open Banking was introduced to drive innovation in financial services in the UK to help you more easily manage your finances and to get customised deals and products. Open Banking enables you to use your own financial information to help you application – it’s just like sending bank statements but faster, easier and more secure.

Rather than ask you to complete an Income & Expenditure calculation, we access data from your principal bank account electronically. This provides us with a snapshot of your finances and ensures your loan is affordable to you. This will be used to adjust your repayments based upon real time changes in your net salary. We require this access to be consented for the period of the loan.

Yes, Open Banking is a secure way, our partner is ISO27001 certified, which relates to recognised high standards of data security, to give providers access to your financial information.
GOCAP never has access to your Internet Banking Credentials. We also have no access to make any changes to your account, and no access to instruct any payments.

It’s as simple as logging into your online banking! You will then be asked to select your bank and authenticate yourself using what’s called “Open Banking”. This looks
just like your online banking log in and is a service provided directly by your bank.
consents.online will then make a secure connection with your bank account. This may take up to 2 minutes. Please wait until you see the screen that says, 'Connection Successful' before you log off. consents.online work directly with the bank to provide this service, using Open Banking APIs.

Consents.online is an Account Information Service Provider (AISP), authorised and regulated by the Financial Conduct Authority (FRN 792642). Consents.online offer a quick, easy and secure way to provide your information, using Open Banking.
In addition to helping you share your data in a safe and secure way Consents.online also provide you with access to a free portal where you can see what you’ve shared, control and revoke access to your data at any time.
Consents.online is a subsidiary of Equifax, a major credit reference agency.

Yes, Cconsents.online is authorised and regulated by the Financial Conduct Authority (FRN 792694). To see their authorisation status please go to register.fca.org.uk/consents-online

Consents.online will connect to your account directly using Open Banking APIs. An API - or Application Programming Interface - is a software intermediary that allows two applications to securely talk to each other. When it comes to Open Banking, think of it as a secure packages of data being transferred between two places. It is extremely secure and delivers only what is necessary and nothing more.

We operate a salary linked loan product. The principle of this is that we set your payments at a percentage of your net salary at the start of the loan and track your income each month to check for changes.
If we do not have access to Open Banking we cannot operate our loan model, so we require you to re-consent for the period of your loan.
We will send you three reminders to advise you when you need to reconsent.
The reconsent process is identical to the screens you see in the application process and you will need to log in to your MyAccount and use your online bank credentials to connect with your bank.

Providing continuous consent is a requirement within your loan agreement. If you do not comply with this, we will assume that you have had a salary increase and will increase your instalments to the maximum permitted in your agreement.
We also have the right to default the agreement under clause 16 (b). This would mean that we file a default with Credit Reference Agencies which would remain on your credit file for six years and make credit more difficult/expensive to obtain.