Account Information
Open Banking encompasses both Account Information, and Payments Services which are authorised in the same manner.
Proofenance understands that the idea of allowing access to personal bank accounts can be scary— especially in the modern age of identity fraud. That is why Proofenance has partnered with Nordigen GoCardless who are registered with the FCA and hold a UK Open Banking AIS TPP license. They also have an EU open banking license which enables access to European accounts.
To comply with the governments' Know Your Customer (KYC) and Anti Money Laundering (AML) procedures Proofenance needs access to view bank account balances and 3 months of transaction history. However, there is no ability to transfer money. It is simply requesting information.
Permission to view an account can only be granted by the person who controls the bank account. The person must log into their mobile banking app passing security measures such as two-factor authentication, and authorise Proofenance's request personally.
Each separate bank account must be explicitly authorised for KYC access. Once authorised, Proofenance is granted read-only access for 24hrs to the bank account balances, and transactions history and counterparties.
What happens next?
Proofenance fetches the previous 3 months of account statements from the bank for the authorised accounts. Proofenance sends the bank an encryption key ensuring that account data is encrypted before even leaving the bank.
The data is encrypted in transit, and stored securely. The data is shown to the sales assistant and the buyer at the point of sale, to be reviewed in the same manner as a traditional paper bank statement.
With permission of the person, Proofenance can run AI over the bank data to quickly identify the relevant transactions.
Secure by design
Every component of our platform is designed with security in mind from the ground up. We use the latest technologies and industry standards to ensure your data is safe and secure.
Find out more about our security features below.