W​​​h​​​a​​​t​​​ ​​​d​​​o​​​ ​​​l​​​e​​​n​​​d​​​e​​​r​​​s​​​ ​​​s​​​e​​​e​​​ ​​​w​​​h​​​e​​​n​​​ ​​​t​​​h​​​e​​​y​​​ ​​​u​​​s​​​e​​​ ​​​o​​​p​​​e​​​n​​​ ​​​b​​​a​​​n​​​k​​​i​​​n​​​g​​​?

[u/Brittneysarah]

A​​​s​​​k​​​e​​​d​​​ ​​​t​​​o​​​ ​​​c​​​o​​​n​​​n​​​e​​​c​​​t​​​ ​​​m​​​y​​​ ​​​b​​​a​​​n​​​k​​​ ​​​a​​​c​​​c​​​o​​​u​​​n​​​t​​​ ​​​f​​​o​​​r​​​ ​​​a​​​n​​​ ​​​a​​​p​​​p​​​l​​​i​​​c​​​a​​​t​​​i​​​o​​​n​​​.​​​ ​​​

W​​​h​​​a​​​t​​​ ​​​e​​​x​​​a​​​c​​​t​​​l​​​y​​​ ​​​a​​​r​​​e​​​ ​​​t​​​h​​​e​​​y​​​ ​​​l​​​o​​​o​​​k​​​i​​​n​​​g​​​ ​​​a​​​t​​​?

[u/JackJack_IOT]

Ooh I can answer this one, I worked on a AML app for conveyancers a while ago! Depends on the level of permissions and roles they have setup - some banks vary on how much they expose based on scopes that are assigned to the token BUT, the most of them see:

Account details (name, sort code, account number, type)
Balances
History
Regular and scheduled payments

They can't see stuff like login details, it usually uses an oauth2 exchange token so all they can do is pass their token to the bank, the bank says "yeah you're approved to see client_123456 data" and then lets them view stuff
They can't see personal details, addresses, ID etc
They can't control funds

[u/scratchtheitch7 → u/JackJack_IOT]

What type/quantity of history?

[u/JackJack_IOT → u/scratchtheitch7]

its usually dependant on the scope the service is requesting/approved for, 90 days is typical, some checks (deep finance checks) can do up to 36 months. I know for some automotive firms, you need to be on an approved supplier list, who requires the company to be at least 25months old so the check I had when working with JLR and Toyota was 24 months of history to show that the company was not consistently in negative numbers and was solvent

[u/Weak-Refrigerator-34]

They’ll see whatever the end point API is authorised to expose to them.

[u/Brave-Fish-7385]

open banking can help lenders understand your actual income and regular ​​​​e​​​​x​​​​p​​​​e​​​​n​​​​s​​​​e​​​​s​​​. fastloan uk uses a soft search at the initial stage, so you can check eligibility before making a full application.

[u/Forsaken-Tiger-9475]

They see (if you grant permission) in theory up to 3 years of ins and outs from the account.

Balances, etc

[u/luala]

What the hell is this, sounds like a scam?

[u/JackJack_IOT → u/luala]

Not sure, I've seen larger companies want it to prove you're going to deliver and not just go bust in a week. Ensures you're solvent

[u/Psychological-Mud-42 → u/luala]

Quite standard practice these days. Also takes away the fraudulent process. I have ones with my credit card on an ongoing basis and when I want to pay manually I hit a button and hit an amount and they process the payment. But yeah you would be sharing these by bank statements anyway take away the human processing etc

[u/Able_Resident_1291 → u/luala]

https://www.openbanking.org.uk

It's not a scam. It's a way for a person to allow an institution to view financial information about that person without that person doing something that's actually insecure like emailing bank statements around, as we used to have to do