As Solidi continue to build and innovate, we look for ways to use technology to make your customer experience as easy as possible. Therefore we are delighted to announce that we have partnered with Tink, – Europe’s leading open banking platform for fast and secure payments. As with any other Open Banking platform, the new feature uses your banking app to quickly and accurately authorise and then instantly send payments securely to us.
Open Banking offers you greater control over your data, giving you the option to securely make payments directly from your bank account. Open Banking is happening because of the introduction of new regulations, which are designed to make the banking industry more competitive and to encourage the development of innovative new products and services to make managing your finances more straightforward, saving you both time and money.
There will be no need to set-up a new payee, enter account information or a reference. Open Banking simply allows you to authorise payments using your own bank’s security control directly from your banking app (usually involving the use of a trusted device such as your mobile phone to approve payments).
Using Open Banking should result in fewer instances where your bank blocks or delays a payment for security checks. As only FCA registered financial institutions like Solidi can initiate Open Banking payments, your bank is secure in the knowledge that your money is safe. To learn more on how to protect yourself read our previous blog here.
For more information, please do not hesitate to get in contact with us via our Contact Us page.
See the Open Banking FAQs below, which will provide useful background on what Open Banking is and how it will affect you if you opt to use it.
Is Open Banking secure?
Yes! Open Banking was designed with security at its heart. It has Bank-level security and is regulated by the Financial Conduct Authority. You authorise all payments in your banks secure mobile app and you have extra protection from fraud including potential recourse to the Financial Ombudsman Service.
How long does an Open Banking payment take?
Open Banking payments, like standard payments to Solidi are instant. Better yet – you can set-up an Open Banking payment much quicker than a standard payment as you don’t need to create a payee, enter a sort code or account number.
What kind of account can be used for Open Banking?
You can use open banking for payment accounts that you access online or by mobile, such as personal and business current accounts, credit cards and online e-money accounts.
How much does Open Banking cost?
Payments to Solidi via Open Banking are free!
Is there a limit on the payment size?
Currently we’ve set the limit at £5000, however we expect to raise this shortly.
Am I automatically opted into Open Banking?
No. You’ll only use Open Banking if you give your explicit consent to a regulated app or website like Solidi. It’s always your choice.
Where can I find out more about Open Banking?
You can find everything you need to know about Open Banking by visiting https://www.openbanking.org.uk/