Are you Regulated?
Yes, we're regulated. Coconut is registered with the FCA as an Account Information Services Provider. Only apps and websites regulated by the FCA or European equivalent can use Open Banking.
What provider do you use?
Coconut uses TrueLayer to connect your Payment Accounts to Coconut. TrueLayer is authorised by the FCA as an Authorised Payment Institution (reference number: 793171).
When you connect your Payment Accounts to Coconut, Truelayer gains read-only access to transaction data associated with the connected accounts. This lets Coconut display your account information and transactions within Coconut. All your details are encrypted and protected by bank-level security. Transaction data obtained by TrueLayer is deleted from their system after 1 hour.
What data do you store?
When you connect a banking provider with Coconut we will initially store Account names and numbers for identification purposes. Once an account has been configured with us we will store balances and transactions associated with the account. Anything else I can help you with?
How do I remove my connection/ Data?
Tap on the settings/ cog icon in the Accounts tab
Tap on the Banking provider you want to disconnect
Tap Disconnect at the end of the screen
Or simply start an in-app chat and one of our advisors will be able to have your connection removed for you. Or you can email us at [email protected].
Do I have to connect my accounts?
No, if you don't want to share your data you don't have to. We simply recommend doing this to benefit the most from your Coconut account.
Where can I read more about this?
You can find more information and read more about this topic via the following links, they've all published guides on Open Banking;