Is Coconut and Open Banking Safe?

Is connecting my bank account(s) to Coconut safe?

Updated over a week ago

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 - this is read-only data.

How do I remove my connection/ Data?

  1. Head to your More tab

  2. Select 'Bank Connections'

  3. Tap on the Banking provider you want to disconnect

  4. Tap Disconnect at the end of the screen

One of our advisors will be able to have your connection removed for you. Email us at [email protected] for help with this.

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;

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