TLDR: Clients can securely share bank statements via the Thirdfort app using open banking or by uploading PDFs/images. They can share statements from multiple accounts. Open banking allows clients to share financial data with authorised parties through their bank's app without Thirdfort accessing login credentials. Most UK banks support open banking, but international banks do not. If open banking isn't available, clients can manually upload statements.
Client Bank Statements
Your clients can share their bank statements simply and securely via the Thirdfort app. Bank statements can be shared as part of a source of funds or ID verification app journey. How bank statements are shared depends on whether you initiate a full source of funds check or a request bank statements as an add-on to an ID verification. Your clients can share their bank statements with open banking or PDF/image upload.
What is open banking?
Open banking is a secure method for clients to share bank statements and financial information with authorised third parties. Open Banking was introduced by the UK government and is supported by the majority of banks in the UK.
How can my clients use open banking?
Within the Thirdfort app, your client will see a list of supported banks to choose from. After selecting their bank, they will be directed to their bank's app or website to sign in and select the accounts they wish to share a statement for.
Thirdfort does not see or store any of your clients' login credentials when they access their bank, and this process is managed by the bank.
Which banks support open banking?
The majority of UK banks are supported; however, no international banks are supported. The type of account your client can link to is also determined by the bank. Some banks may allow all accounts to be shared, whilst others may only allow a current account to be shared.
What if my client's bank or account isn't available on open banking?
If your client is unable to connect their bank via open banking, then they have the option to manually upload bank statements. The app will guide them through this process.
What information is shared?
When your client links their bank, they agree to share their bank statement data and account information for 3, 6 or 12 months, depending on the time period set at check initiation, for each account.
This guide is for Thirdfort Clients using the new CDD platform. This article may not apply if you have not yet been migrated to the new platform or access Thirdfort via a partner or reseller