What is Open Banking?
Open banking is a safe, modern way to share your financial information with companies, so they can help you get better, more personalised services. Instead of digging out bank statements or uploading documents, you can choose to let companies, like Loans by MAL, access the information they need directly from your bank. You stay in control the whole time, so nothing is shared without your permission.
As part of the Loans by MAL application process, we will ask you to connect your primary bank account via Open Banking. This is done through a company called AccountScore, part of the Equifax Group. They are a registered Account Information Service Provider (AISP), and are regulated by the Financial Conduct Authority (FCA) in the UK. It’s a quick, easy process that is supported by almost all of the UK’s major banks.
Why we use Open Banking
We use open banking because it helps us make smarter, quicker and fairer lending decisions. When you choose to share your banking data with us, we can instantly see a clear, accurate picture of your finances. No paperwork, no digging through statements, just real information that helps us check affordability properly and lend responsibly.
It also means we can offer our product to a wider range of customers. Traditional credit checks don’t always show the full picture, but open banking does. If your day‑to‑day banking shows steady income and sensible money management, we can take that into account in our lending decision.
Open Banking also allows us to make quicker lending decisions. With open banking, we can review your information in moments and give you a decision far quicker than traditional processes allow. Less waiting, fewer hoops to jump through, and a smoother experience from start to finish.
At Loans by MAL, we only request to see 3 months’ worth of data. Any transactions before these 3 months or after verification are unavailable to us. Our check is based on verification of your bank account when you apply, rather than ongoing continuous access.
Banks Using Open Banking
All major UK banks support Open Banking. This includes Barclays, Lloyds, Halifax, HSBC, NatWest, RBS, Santander, Nationwide, and many others. Most large building societies also offer Open Banking connections as well as many challenger banks, including Monzo, Starling, and Revolut.
Is Open Banking Safe?
Open banking is designed to be extremely safe. It was created by the UK’s financial regulators to give people more control over their data, not less. Only providers that are authorised by the Financial Conduct Authority can offer open‑banking services, and they must meet strict security standards to do so. You choose exactly what information to share, who you share it with, and for how long. If you change your mind, you can switch off access at any time.
When you connect your bank through open banking, your login details are never shared with us or any other provider. The connection happens through secure, encrypted channels that are built and maintained by your bank. It’s the same level of protection used for online banking and payments, and it’s designed to keep your information safe from fraud or misuse.
For lenders, this secure setup means we can access accurate financial information without ever seeing your passwords or sensitive credentials. For you, it means a faster, smoother experience with strong protections built in from the start. Open banking puts you in control while keeping your data locked down behind bank‑grade security.