What is Open Banking?
Open banking is a secure and regulated way for you to share your banking data with trusted companies. Fronted uses Open Banking to allow you to share your banking data with us in order to assess your affordability for a rental deposit. If, for instance, you don’t have a lot of data with a credit reference agency, this might help us approve you for a Fronted Deposit.
Who are the third parties that Fronted works with?
Credit Kudos, an FCA-authorised credit bureau that allows us to create a secure connection to Open Banking (see above).
Equifax which we use for soft credit checks and confirming details are correct.
Modulr via London Zurich are our direct debit service providers, meaning they handle how money is sent to accounts - you may see these details on your welcome letter.
Shufti Pro, an identity verification service to check that your ID details are correct.
What is the FCA Sandbox?
The Financial Conduct Authority Sandbox allows companies to test innovative products and services in a controlled environment.
Fronted is a part of cohort 6 which is focused on propositions that seek to address issues around access and exclusion to financial services. The Fronted Deposit will be tested in the FCA Sandbox.
You can learn more about the FCA Sandbox Cohort 6 here.