Open Banking is a UK government-backed system that lets you securely share your bank transaction data with regulated third parties — like Credicorp — without sharing your login password. It is regulated by the Financial Conduct Authority (FCA) and all participants are registered with the Open Banking Implementation Entity (OBIE).
What you are agreeing to
When you connect your business bank via Open Banking, you are authorising Credicorp to:
- Read-only access to your bank account transaction history — usually the last 6–12 months.
- A one-time retrieval of that data for the purposes of assessing your loan application.
You are not authorising Credicorp to:
- Make payments from your account.
- Move any money.
- See your PIN, online banking password, or security credentials.
- Access your personal accounts (only the business account you select).
Step-by-step: connecting for the first time
- Reach the bank data step. During the Credicorp application, you will be asked how you want to provide bank data. Choose Connect via Open Banking.
- Select your bank. A list of supported UK business banks appears. Find yours and select it. If your bank is not listed, use the statement upload option instead.
- You are redirected to your bank's website. This is your bank's own secure login page — not a Credicorp page. You may need to sign in to your online banking in the usual way.
- Approve the consent request. Your bank will show you exactly what data is being shared and with whom (Credicorp, identified by its registered name). Review it and click to approve.
- You are redirected back to the Credicorp application. The connection is confirmed and the application continues.
Is this safe?
Open Banking connections are regulated and encrypted. Your bank will only share the data you explicitly approved on the consent screen. Credicorp is registered as an Account Information Service Provider (AISP) — the regulated category for read-only data access. You can revoke the consent from within your bank's own app or website at any time after completing your application.
What if something goes wrong during the connection?
The most common issues — timeout, bank error, or redirect failure — are easy to fix. See Open Banking connection failed or timed out for step-by-step fixes. You can always switch to statement upload if the connection does not work.
After your application: revoking access
Open Banking access is typically single-use for an application. To confirm access has been revoked, log in to your business bank's app or online banking and look for a section called "Connected apps", "Third-party access", or "Open Banking services". Find Credicorp and remove the connection. This is a step in your bank's own settings and does not affect your Credicorp account.
See also: How Open Banking works in your Credicorp application, Open Banking connection failed or timed out, Video guide: connecting via Open Banking.