When you apply for a Credicorp business loan, one of the fastest ways to share your company's bank data is via Open Banking. This is a secure, regulated connection between your bank and our systems that lets us read your transaction history — nothing more.
What Open Banking actually does
Open Banking is a UK-regulated framework overseen by the Financial Conduct Authority. It lets you grant a third party — in this case Credicorp — read-only access to your business bank account data. "Read-only" means we can see transactions; we cannot move money, set up payments, or make any changes to your account. Once your application is complete you can revoke the connection through your bank's app or online banking at any time.
We use the data to understand your company's recent income, outgoings, and cash-flow patterns. This is the same information we would otherwise ask you to upload as PDF bank statements, but the Open Banking route is faster and removes the risk of files being rejected for poor quality or missing months.
Which banks are supported
The connection works with most major UK business banking providers, including the main high-street banks and a number of challenger banks. During the application you will be shown a list of supported institutions. If your bank is not listed, you can still apply by uploading your last six months of business bank statements as PDFs instead — see what documents you need for a Credicorp application for the manual upload route.
Data security and your rights
The Open Banking connection is established through a regulated Account Information Service Provider (AISP). Your bank credentials — your login details and passwords — are never shared with or visible to Credicorp. You authenticate directly with your bank, and only the resulting transaction data is passed to us. We hold this data in line with our privacy policy and UK GDPR obligations. If you would like to know what data we hold, you can request it at any time.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: What bank statements or documents do you need for a Credicorp application?, How Credicorp makes a lending decision.