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.
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).
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.
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.
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.
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