Quite simply, Open Banking allows people to safely and securely share their account information with companies, such as Zilch. Only you can decide if you want to share your info and no one can get access unless you give your consent. You can also withdraw your consent at any time.
How does Open Banking work?
When you connect to Open Banking, our partner, Yapily, will ask for your consent to access your bank account. Yapily will then send a request to your bank, who’ll share your account details with us. This gives us a better understanding of what you can afford, which means we might be able to up your credit limit.
FYI, connecting your main bank account – the account you use every day – will give you a better chance of a credit limit increase.
Why do I need to reconnect to Open Banking every 90 days?
We’ll ask you for your consent to reconnect to Open Banking every 90 days to ensure your account is secure and you’re in control of the apps that are accessing your account data. It might seem like a bit of a faff, but it’s all to keep your accounts safe.
How do I connect to Open Banking?
Head to My Account
Tap Connect Your Account or Connected Account
Follow the prompts in the app
Search or select your bank from the list provided. We'll then redirect you to your bank’s website or mobile app for authentication
When it's authenticated, your bank will ask for your consent to share your financial data with Zilch and Yapily. You just need to review the permissions and grant access if you’d like to go ahead.
That’s it. You can review which bank accounts you’ve connected in the Connected Account section of the Zilch app.
What does Zilch do with my Open Banking information?
Once you’ve given us permission to connect your account through Open Banking, we’ll analyse the shared data to better understand what you can comfortably afford to borrow.
We might also use this data for fraud prevention purposes and to help us improve the Zilch app, giving customers a more personalised experience.
Is it safe?
Don’t worry – any data we take goes through stringent security protocols. You can tell your bank to stop sharing your information at any time, so you have complete control and peace of mind.
If you have any questions about how we handle your open banking data, you can contact us at [email protected].
What if I don’t want my credit limit to increase?
If you don’t want your limit to change, simply contact us via live chat.