Engagement models

At OpenWrks we offer a number of engagement models to our clients. The regulatory authorisation required and which party needs to hold that authorisation, is dependent on the service you intend to  provide to your customers.

 

1. Present account information directly to your customers

You can use OpenWrks to provide your customers with access to their payment accounts and to present that account information back to them. Where you present account information directly to your customers, you are providing Account Information Services and you will need to be authorised by the FCA as an Account Information Service Provider (AISP).

 

2. Integrate OpenWrks account information services as part of your service

You can use OpenWrks to provide your customers with access to their payment accounts and to present that account information back to them. Where you use OpenWrks to present account information to your customers within your own service, you are providing Account Information Services as an agent of OpenWrks. OpenWrks will have an agreement with your customers to provide them with Account Information Services and will register your business with the FCA as its agent.

 

3. Provide an ancillary service to customers and not present account information directly to them

You can use OpenWrks to provide your customers with access to their payment accounts and for them to provide their express consent for OpenWrks to share that information with you, so you can deliver your service to customers e.g. a credit decision. Where you are not presenting account information to your customers, you are not providing Account Information Services and do not need to be authorised as an AISP by the FCA.

 

We would encourage you to speak to us about our engagement models and before making a decision regarding regulation, seek your own legal advice and speak to the FCA.

Learn more about our products

Why OpenWrks?

/assets/uploads/conveyor-belt.png

You can spend the next 12 months building an Open Banking connection to all of the UK banks, and then the rest of your business life supporting it, or you can use OpenWrks.

With over 100 years combined experience and expertise in the lending, credit and collections industry, we understand the day to day challenges that your business faces.

OpenWrks has been built to help businesses improve their customers everyday lives. Plus, we’re here to help. We're not just tech support, we are practitioners, we turn data into valuable and actionable insight, partnering with us gives you access to our experts who can help you maximise the business value of Open Banking today.

Learn more about OpenWrks

Ready to make Open Banking work?

Fill in the form to see how the OpenWrks toolkit can help your business create better products, services and personalised experiences for your customers.