When you use Credit Passport® to create a real-time business credit score, you’re placing your trust in both technology and people.
You can rest assured that your data will always be safe with us. The technology underpinning our credit-scoring service meets the rigorous security standards required for Open Banking. We, the people behind Credit Passport, are one part of a global group that specialises in credit solutions and business information all around the world.
Allowing Credit Passport to connect to your bank account might seem like a big step. But we are part of a much wider initiative called Open Banking. As part of this initiative, our technology meets the rigorous specifications designed by the Open Banking Implementation Entity, a company set up by the Competition and Markets Authority (CMA) in the UK. Its aim is to deliver the objectives of PSD2 – the second EU Payment Services Directive - in the UK.
The aim of PSD2 isn’t just to make online banking data more secure for consumers but also to fundamentally shift the ownership of the data held by your bank to you, the customer. This opens up innovation in the shape of apps like Credit Passport and many others that, with your permission, can use that banking data to provide insights into the financial system that were previously not possible.
All the apps and websites approved for Open Banking are regulated by the FCA (Financial Conduct Authority), whilst misuse of data is covered by data-protection laws. It’s the Information Commissioner’s Office body that would be tasked with investigating any data breaches if they occurred.
We are listed on the FCA registration page under the name of CRIF Realtime Ltd, developer of Credit Passport, which is powered by advanced credit scoring algorithms from Credit Data Research and Moody’s Analytics.
Every app developed for Open Banking has an API (Application Programming Interface), which controls how data is transferred between applications - in our case, between Credit Passport and your bank. When you log in to Credit Passport and provide your consent, you’ll then be transferred to your bank’s portal to approve the request. You can revoke access to your bank account at any time and, in addition, you’ll need to reconfirm our access to it every 90 days.
The data your bank sends Credit Passport is the last three years’ worth of transactions in the account you nominate. That’s the same information you see on bank statements. It’s important to note that we are only ever granted read-only access to your bank account and we cannot initiate transfers or payments.
While this is happening, your bank will check out our FCA authorisation in the background. It will only go ahead if it confirms our status as an authorised FCA Account Information Service Provider. Credit Passport is one of the approved APIs from regulated providers enrolled in Open Banking. There are about 200 regulated providers, and you’ll find our listing among them on the Open Banking website. In our listing, you will also see a link to our FCA registration page (number 791914).
Credit Passport is only ever granted read-only access to your bank account and we cannot initiate transfers or payments.
We are listed under the name of CRIF Realtime Ltd - we are the company that developed Credit Passport, which is powered by advanced credit scoring algorithms from Credit Data Research and Moody’s Analytics, both leaders in credit scoring. Credit Passport is used by banks, alternative lenders and comparison platforms to provide the most accurate and current view of an SME’s credit quality.
In turn, CRIF Realtime Ltd. is part of CRIF S.p.A. – one of the largest credit bureaus in the world, active in 50 countries, with over 350,000 customers and 6,000 banking partnerships. CRIF is ranked 35 in the international Fintech 100 classification and invests in best practices and certifications in relation to quality, innovation and security.
At CRIF Realtime Ltd, we’re passionate about spreading the word about the possibilities of Open Banking and how it can transform the information available to UK businesses, and in turn, make a tangible difference to the economy. You can read more from our CEO Alessio Balduini in his regular commentaries in the media on digital banking trends.
To get connected, join now, select your bank and discover your real-time credit score.