What is consents.online?

Mel22_D

Hi 
I was applying for a loan and the lender wanted me to connect to my bank via consents.online.
I pressed the button to connect to my bank and my banking app opened automatically, asking me to log-in. It looked like the front screen of my banking app and seemed ok.
Being a tech dinosaur (!) I was a bit wary and didn’t log in.
I wanted to ask a bit more about this consents.online process and was wondering if anyone could explain a bit more about how this works and if anyone has had any issues with this.
Many thanks
Mel (aka dinosaur 🦕 )

fwor

Does this help?

https://www.openbanking.org.uk/customers/regulated-providers/consents-online/

sourcrates

Basically the company you were attempting to borrow money from, want to look at your bank account to see A, if its a live account and B, to check any income/expenditure you told them about is accurate.

Personally I would not allow anyone access to my private banking details, but its becoming more common now especially amongst sub prime lenders.

Swoosh84

The risk here is that you enter your username and password ect into an untrustworthy site which looks like your banks site. This would potentially give thief’s access to the said accounts.

In saying that, provided the provider you are dealing with is trustworthy it’s perfectly safe to provide them with this info. I've been using these types of connections for a couple of years now with 3rd parties such as Money Dashboard and Emma to collate all my financial information into one central place.

The connections themselves are read only, so they could not send instructions to your bank to make a withdrawal for example. In addition, they only last for 90 days. The connections themselves are fully encrypted to the same level as your own bank so your data is safe.

J