What open banking is
Open banking is a secure, regulated way for you to share your bank transaction data with authorised providers. It is governed by the Financial Conduct Authority (FCA) and does not give Rentmigo access to your bank login credentials or the ability to move money from your account.
Why we use it
We use open banking, powered by Plaid, to carry out a financial assessment as part of your application. This allows us to:
Verify your income and its regularity
Identify existing financial commitments
Assess affordability relative to the rent you are applying for
Confirm your account balance and liquidity
This step helps us make faster, more accurate decisions and in many cases removes the need for you to upload additional documents manually.
How it works
During the application, you will be prompted to securely connect your bank account through Plaid. The connection is read-only and encrypted. Plaid is a regulated provider used by thousands of financial services globally. At no point does Rentmigo see or store your bank login details.
What if I do not have a UK bank account?
Open banking is only available for UK-based bank accounts. If you are an international applicant without a UK bank account, your application will be assessed using other available information, such as uploaded financial documents.
Can I disconnect open banking afterwards?
Yes. You can revoke the open banking connection at any time through your bank's app or online banking. Disconnecting will not affect a guarantee that has already been issued.