Frequently asked questions
Open Banking is a secure method for sharing your financial data from your bank accounts. This could include information like your balance, income, outgoings, overdraft, payments history etc.
As a responsible lender, Plata aims to ensure each customer borrows in a way that is affordable for them. With Open Banking, you can quickly and securely share your information without going through the hassle of sending in traditional documents such as bank statements.
Sharing information through Open Banking is easy and secure and allows us to make a prompt assessment of your application. It is only offered by your bank to regulated companies that it can trust with the security and privacy of your data.
Using Open Banking does not impact your credit file and you can withdraw access at any time. Find out more about Open Banking.
Watch our video to learn more about Open Banking.
As a responsible lender we want to help people borrow only when it is affordable for them. Like most other lenders, we use credit reference agency information to that end. However, there are cases where this is not sufficient for us to make a decision, and we need to take a more detailed view of a customer's financial situation.
With Open Banking, you can securely share your real financial information with us via your bank without any hassle. As it is all digital data, it also helps our team in reaching a decision faster than with traditional documents - another reason why we love Open Banking!
If we ask for Open Banking in your application, we are generally unable to proceed without it. In some cases we may allow traditional documents to be used; in such cases, the options will be presented to you.
It’s important to note that Open Banking is a secure and regulated process. As a lender, we are only able to see the data and cannot change anything in your account or get access to your money.
We work with a third party provider in order to access Open Banking. We only see the end-report which we receive from that provider and they delete all your open banking data within a set period of time. You can read more about this in our provider's privacy notice.
Open Banking allows you to securely share your account history with Plata directly via your bank. This includes details like your contact information, account details, payments made into and out of your accounts and transactions on the account.
Consents.Online Ltd is an Equifax company that is authorised and regulated by the Financial Conduct Authority.
We partner with Consents.Online to provide Open Banking so you can safely and securely share your account information with us so we can assess your application. It’s like sending us your bank statements but quicker and safer. Using it does not impact your credit record and you can withdraw consent at any time.
You can opt-out by contacting Consents.Online either through the email you will receive when you provide consent or through their website. You can also contact your bank to revoke access. More details on Consents.Online.
If you can't find what you are looking for then head on over to our contact page to see how best to contact us. Our Southampton based staff are available to help answer your questions.
