Open Banking is a secure, regulated way of sharing your business bank account data with a lender. Instead of printing and uploading PDF statements, you grant time-limited read-only access through your bank's own app or website. No login credentials are ever shared with the lender.
What the lender can see
With your permission, the lender can view transaction history — typically three to twelve months — including inflows, outflows, regular payments, and your running balance. They cannot make payments, move money, or see information from accounts you have not chosen to include. You choose exactly which accounts to connect and can revoke access at any time.
Why it makes decisions faster
Manual statement reviews take time: documents arrive in different formats, periods may not align, and figures sometimes need to be cross-referenced. Open Banking feeds structured, standardised data directly into the lender's assessment. What might previously have taken several working days can often be completed in minutes. This benefits you whether you are applying for a Business Loan, a Credicorp Flex revolving facility, or a Credicorp Slice payment plan.
Is it safe?
Open Banking is regulated by the Financial Conduct Authority and governed by the same Open Banking Implementation Entity (OBIE) standards used by the UK's largest banks. The connection uses the same secure protocols as online banking. Legitimate lenders never ask for your bank login username and password — if they do, that is a red flag. With Open Banking, you authenticate directly with your bank, not with the lender.
Connecting via Open Banking is optional at Credicorp, but it is the fastest route to a decision and reduces the volume of documents you need to upload manually.
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 documents do I need to apply, What lenders look at when you apply.