Yes — even when you could do either, Open Banking is usually the better choice. It is faster, more accurate, and gives us a cleaner picture, which tends to mean a quicker decision and fewer follow-up questions. Uploading statements is a fallback, not an equal alternative.
Why the feed wins
- Speed. A read-only feed is read in seconds; statements are reviewed by hand — how Open Banking speeds up your application.
- Accuracy. The feed is complete and tamper-proof, so nothing is missed or queried.
- Fewer questions. A clear picture means less back-and-forth — why might a decision take longer than expected.
The connection is read-only and your login stays with your bank — do you store my bank login when i connect and what Open Banking is and whether it is safe. There is little reason to prefer statements if the feed is available.
When statements still make sense
If your bank is not supported or a connection genuinely will not complete, statements are there — can i upload statements instead of open banking. Otherwise, choosing the feed is choosing the faster route.
Apply and connect by Open Banking.
We lend only to UK limited companies and LLPs, the loan is to the company with no director personal guarantee, and this is business finance outside the consumer-credit regime — as an exempt lender under Article 60B of the Regulated Activities Order we sit outside FCA consumer-credit regulation, so the Financial Ombudsman Service and FSCS do not apply.
See also: How Open Banking speeds up your application?, Can I upload bank statements instead of using Open Banking?, What Open Banking is and whether it is safe?.