We know that for many Partners’ sole trader clients, Open Banking is a new concept that they may not have had experience with before. As such, it can be helpful to share some information about how it works, to make it less daunting.
What if my client is worried about security of Open Banking?
Here are some key points you can share:
Connecting to accounts through Open Banking is regulated by the FCA (Financial Conduct Authority) in the UK.
It's a secure, read-only connection, there is no access to funds.
As of 2022, it's used by 5m people in the UK.
What if my client is concerned about Coconut's security?
Here are some key points you can share:
Coconut never has access to funds through Open Banking as it's a read-only connection.
Coconut applies bank-level encryption to all data both in storage and in transit and undergoes annual security audits.
Coconut is regulated by the FCA.
What if my client has privacy concerns in sharing their bank data?
Here are some key points you can share:
You can choose which bank accounts you connect to Coconut, so you only have to connect the ones that have business transactions. Connecting your accounts is simple and only takes a couple of minutes.
You can to reconfirm your consent for continued access to read your accounts every 90 days.
You can remove consent at any time.
Which banks are supported?
Coconut supported 30 banks and credit card providers that represent 99% of customer accounts in the UK. You can see the latest list here.
What should I do if my client's bank is not on the list?
If your client's bank doesn't appear on our list of banks you can connect to, you can let us know about it here so that we can prioritise this with our bank integration partner.
Read more: