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“NorthRow's ability to deliver a bespoke solution that combines automated Identity checks with the added security of face-to-face verification made it the obvious choice when deciding what firm to team up with to securely deliver Open Banking.”

Nigel Spencer, Head of Support Services

The Open Banking Revolution

Open Banking launched in 2015 to offer customers a secure way to take control of their financial data and to share it with other organisations including other banks.

Open Banking was introduced by the UK’s Competition and Markets Authority (CMA) to bring more competition and innovation to the financial services industry. It works using a secure system to let the end-customer register with other banks or authorised organisations (known as third-party providers) and allow their bank to let them see and use customer current account details.


Why Open Banking partnered with NorthRow?

Any FCA-regulated third-party provider can register to access the Open Banking network, therefore thorough and comprehensive verification checks are paramount for the success of Open Banking.

NorthRow is the trusted technology partner to help streamline Open Banking’s digital client onboarding, identity verification and ongoing client monitoring processes, whilst ensuring security and customer needs sit at its very core.

Secure and Accelerated Client Onboarding

NorthRow automates the initial stage of the Open Banking’s onboarding process by performing real-time comprehensive Anti-Money Laundering (AML) Know Your Business (KYB) checks and Identity Verification (IDV).

NorthRow verifies all corporate entity data, as well as performing instant electronic identity verification for all individuals deemed to be company directors and Ultimate Beneficial Owners (UBO).

If you want to know more about NorthRow’s onboarding solutions and would like to discuss your specific requirements let’s Get Started.