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Open Banking for Self-employed customers

What is Open Banking?

HSBC UK currently asks Self-employed customers to provide 3 months’ worth of commercial statements to support their application, but this can be timely and often slows down the offer process.

Open Banking allows the customer to connect their company’s bank account(s) to share their financial information with Experian in a safe and secure way, removing the requirement for the provision of physical statements. This information will then be made available to us so that we can progress the customers case, helping reduce the time it currently takes from application to offer.

Getting Started:

Customers will need to provide consent for Experian to have one-time access to their business bank account to retrieve statement data on our behalf. You’ll need to provide the customer with the following link to get them started:

http://www.hsbc.co.uk/mortgages/self-employed-applicants

There will be guidance provided throughout the process, and it should only take a few minutes to complete.

There are a couple of checks you will need to perform with your customer beforehand to confirm that they are eligible for Open Banking:

  1. The business bank account provider will need to have partnered with Experian for Open Banking
  2. The customer already manages their account online and has access/permission to share the statement data with us via Experian

Participating Banks:

Allied Irish Bank Bank of Ireland Bank of Scotland
Barclays Chelsea Building Society Coutts
Danske Bank First Direct First Trust Bank
Halifax HSBC Lloyds
M&S Bank Mettle Monzo Bank
Nationwide NatWest RBS
Revolut Santander Ultser Bank
Yorkshire Building Society

What happens next:

This is a brief summary of the steps a customer will follow to share their statement data through Open Banking:

  1. Click the above link that has been shared with them to visit the Open Banking site
  2. Once on the website page, click ‘Continue’ to be taken to Experian’s Commercial Acumen Tool
  3. Read and accept Experian’s T&C’s and Privacy Policy
  4. Input the business and personal details (note there is a separate journey for Limited and Non-Limited companies)
  5. Select the bank which holds the account and provide consent for Experian to connect with them
  6. Click ‘Connect your Account’ which will redirect to the banks internet banking log in page (or app will launch on mobile/tablet) where you sign in as normal
  7. A consent page will appear where you choose which account(s) to share, and provide final consent
  8. Following consent, you will be redirected back to Experian where after a short wait, a message will appear ‘Account Successfully Connected’
  9. Click ‘Return to Dashboard’ before selecting ‘Submit your Application’. This completes the process
  10. The customer is given the option to download a copy of the data that has been shared with us.

Final steps:

If you haven’t already done so, you will need to upload the customers Proof of Income. It is important that this is done within the following 7 days so the collected statement data remains valid.

We have developed some in-house software that will read the collected statement data automatically which should significantly reduce the underwriting assessment time.

This website is for the use of FCA authorised mortgage intermediaries only.

If you reproduce any information contained in this website, to be used with or advise clients, you must ensure it follows the FCA's advising and selling standards.

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