What is Open Banking?
Open Banking is a secure system that allows businesses to share their financial data with trusted providers through regulated technology. It enables seamless, real-time access to banking information, helping financial institutions make better decisions about lending and services. Open Banking is already widely used by major companies across various industries, including fintech, accounting, and financial services, to automate processes and improve user experiences.
Why Does TRIVER Use Open Banking?
TRIVER uses Open Banking to make faster, more accurate decisions about your cash flow finance—without the mountains of paperwork or weeks of waiting you’d face with traditional lenders.
With secure, read only access to your business bank data (with your permission), we can:
- assess whether your business qualifies for a TRIVER facility
- determine the size of your facility
- see if your limit can grow over time
- review each invoice you submit to confirm it meets funding criteria
It gives us a live, accurate view of your cash flow — so decisions can be made within minutes, and you get faster, flexible funds with less hassle.
Is Open Banking Secure?
Yes, absolutely. Open Banking is regulated by the Financial Conduct Authority (FCA) in the UK, ensuring strict security and data protection standards. TRIVER partners with TrueLayer, a leading Open Banking provider, to securely handle connections to your bank account.
Key Security Features:
- No passwords shared: You log in directly with your bank, meaning TRIVER never sees or stores your login details.
- Read-only access: TRIVER can only view relevant financial data, not make transactions or changes to your account.
- You control the connection: You can revoke access anytime, ensuring complete control over your data.
Who Else Uses Open Banking?
Open Banking is widely adopted by businesses across the UK, including:
- Accounting Software: Xero, QuickBooks, FreeAgent
- Financial Services: Revolut, Monzo, Starling Bank, Barclays, Lloyds, HSBC, Santander, Natwest and more.
- Lending & Credit Providers: Klarna, PayPal, Funding Circle
It’s a trusted, industry-standard technology used by millions of businesses and consumers every day.
What If I Don’t Want to Connect My Bank?
This connection enables us to assess eligibility and offer financing tailored to your business’s financial needs. Maintaining an active connection via Open Banking is a required part of TRIVER’s decision-making process. Without it, we cannot proceed with your application.
Final Reassurance: Your Data, Your Control
We understand that connecting your bank account might feel like a big step. Rest assured, your data is protected by industry-leading security, and you are in complete control at all times. To be able to continuously use your account to advance invoices, your Open Banking connection has to stay live. TRIVER’s use of Open Banking is designed solely to help your business access fast, flexible cash flow financing—nothing more.
For more details on how TRIVER uses Open Banking, visit the TRIVER help centre or contact our support team.
