5 minutes Understanding Your Funding
Overview
Open Banking is the secure technology SAPI uses to access your payment processing history for underwriting your application. Many customers are understandably cautious about sharing financial data. This guide explains what Open Banking is, how it protects you, and why it's the safest way to share your payment history with SAPI.
What is Open Banking?
Definition:
Open Banking is a secure, regulated system that lets you grant third parties (like SAPI) read-only access to your financial transaction data.
Established: 2018 in the UK (by Competition and Markets Authority)
Regulation: Governed by Payment Services Regulations 2017
Used by: Millions of UK consumers and businesses for secure data sharing with fintech companies, lenders, budgeting apps, and more.
How It Works
Traditional way (before Open Banking):
- You download statements manually
- Email or upload PDFs to SAPI
- Time-consuming, error-prone
- Risk of forgery or manipulation
Open Banking way:
- You authorize SAPI via secure connection
- Your payment processor (Stripe, Square, etc.) sends data directly to SAPI
- Instant, accurate, verifiable
- No manual downloading or uploading
Why Open Banking is Secure
1. Regulated and Supervised
Open Banking providers must be:
- Authorized by the Financial Conduct Authority (FCA)
- Compliant with strict security standards (PSD2/SCA requirements)
- Regularly audited for compliance
SAPI's Open Banking provider: [Uses FCA-authorized Open Banking platforms]
2. Bank-Grade Encryption
All data is encrypted:
- TLS 1.2+ encryption in transit (same as online banking)
- End-to-end encryption
- No data transmitted in plain text
Secure as online banking:
Open Banking uses the same security standards your bank uses for your online account access.
3. Read-Only Access
What SAPI can do:
- View transaction history (amounts, dates)
- See payment processing volumes
- Analyze sales trends
What SAPI CANNOT do:
- Make transactions or payments
- Transfer money from your accounts
- Change your payment processor settings
- Access your customers' personal data
- View your login credentials
Analogy: Like showing someone a photocopy of your bank statements—they can see the information but can't access your actual account.
4. You Control Access
You decide:
- When to grant access (you must actively authorize)
- How long access lasts (typically 12-18 months, then auto-expires)
- When to revoke access (you can disconnect anytime)
No permanent access:
Unlike giving someone your password, Open Banking access is temporary and revocable.
5. No Password Sharing
Critical security feature:
You NEVER share your payment processor password with SAPI.
Process:
1. SAPI sends you a secure link
2. Link redirects you to your payment processor's official website (Stripe.com, Square.com, etc.)
3. You log in on your processor's website (SAPI never sees your login)
4. You authorize SAPI to access data
5. Connection established without SAPI ever knowing your password
6. Transparent Permissions
When you authorize Open Banking, you see exactly:
- What data will be shared (transaction history, balances, etc.)
- Who will receive it (SAPI Group Limited / SAPI Origination Limited)
- How long access will last (typically 12-18 months)
No hidden access to other accounts or data.
What Data SAPI Receives
What We See:
Transaction data:
- Date and amount of each transaction
- Total daily/weekly/monthly sales
- Refunds and chargebacks (amounts only)
- Payout schedule from processor to your bank
What We DON'T See:
Customer information:
- Customer names
- Customer email addresses
- Card numbers (even partial)
- Customer addresses or personal details
Your credentials:
- Login passwords
- API keys
- Security questions/answers
Other accounts:
- Personal accounts not connected
- Other business accounts not authorized
- Non-payment-related transactions
How to Authorize Open Banking
Step-by-Step Process
Step 1: SAPI sends you a secure link via email
Subject: "Connect Your Payment Account to Complete Your Application"
Step 2: Click the link (it's unique to your application and expires after 7 days)
Step 3: Select your payment processor from the list (Stripe, Square, SumUp, Worldpay, etc.)
Step 4: You're redirected to your processor's official website
Important: Verify you're on the real website (check URL: stripe.com, square.com, etc., not a fake lookalike)
Step 5: Log in using your normal credentials
Step 6: Review what data SAPI is requesting
Step 7: Click "Authorize" or "Allow Access"
Step 8: Redirected back to SAPI with confirmation message
Done! SAPI now has read-only access to your transaction history.
Revoking Access
You can revoke SAPI's access anytime:
Via Your Payment Processor
Stripe:
1. Log into Stripe Dashboard
2. Settings → Connected Accounts or Applications
3. Find SAPI → Revoke Access
Square:
1. Log into Square Dashboard
2. Account & Settings → Connected Apps
3. Find SAPI → Disconnect
Other processors:
Similar process—navigate to Settings/Integrations/Connected Apps and disconnect SAPI.
Via SAPI
Email: [email protected]
Subject: "Revoke Open Banking Access - [Account Reference]"
SAPI will:
- Process disconnection within 2 business days
- Confirm via email once revoked
When to Revoke
After your application:
- If your application is declined or you decide not to proceed
- After you're funded and want to disconnect
During your advance:
- Only if you no longer want SAPI to monitor sales automatically
- Note: You may need to provide manual statements instead for collection calculation
After repayment:
- Once advance is fully repaid and you don't plan to apply again
Common Concerns Addressed
"Isn't it risky to connect my financial accounts?"
No more risky than:
- Online banking (uses same encryption)
- Using your payment processor app (same security)
- Sharing bank statements via email (actually LESS secure)
Open Banking is more secure than emailing PDFs because:
- Data comes directly from source (no forgery possible)
- Read-only (can't make changes)
- Revocable (can disconnect anytime)
- Regulated and audited
"What if Open Banking provider gets hacked?"
Multiple security layers:
- Data is encrypted at rest and in transit
- Access requires authentication tokens (even if hacked, limited access)
- SAPI doesn't store your Open Banking login credentials
- Immediate revocation possible if breach detected
Your payment processor account itself is not compromised through Open Banking (it's read-only).
"I don't trust giving access to my financial data"
Understandable concern. Consider:
- Open Banking is now standard in UK financial services (used by major banks, lenders, budgeting apps)
- Regulated by FCA with strict security requirements
- You retain full control (can revoke instantly)
- Alternative is emailing statements (less secure, more time-consuming)
Your choice:
If you prefer not to use Open Banking, you can manually upload payment processor statements. Contact [email protected] to arrange.
Open Banking vs. Manual Statement Upload
Aspect | Open Banking | Manual Statements |
Speed | Instant data connection | 1-3 days for you to download and send |
Accuracy | Direct from source, verified | Potential for forgery or errors |
Security | Encrypted, regulated, audited | Email transmission (less secure) |
Convenience | One-time authorization | Repeated requests for updated statements |
Application time | 24-48 hours decision | 3-5 days decision (manual review) |
Cost | Free | Free |
Frequently Asked Questions
Q: Does using Open Banking affect my credit score?
A: No. Open Banking connections do not appear on credit reports and don't affect your credit score.
Q: Will my payment processor know I'm applying for financing?
A: Possibly. When you authorize Open Banking, some processors display "You've connected to SAPI" in your Connected Apps. However, they don't receive details about your application or advance.
Q: Can SAPI see my customers' details through Open Banking?
A: No. SAPI sees only aggregated transaction data (dates, amounts). We never see individual customer names, emails, or card details.
Q: What if I change payment processors—do I need to reconnect Open Banking?
A: Yes. Contact [email protected], and we'll send you a new connection link for your new payment processor.
Q: Is Open Banking required, or can I apply without it?
A: Open Banking significantly speeds up applications (24-48 hours vs. 3-5 days). However, you can apply without it by manually submitting payment processor statements. Contact [email protected] to discuss.
Q: Does Open Banking access expire?
A: Yes. Access typically expires after 12-18 months. SAPI may request you reconnect if your advance is still active and we need updated data.
Need Help?
Open Banking questions: [email protected]
Connection issues: +44 20 3868 4990
Revoking access: [email protected]
Alternative to Open Banking: [email protected]
Need Help?
Email: [email protected]
Phone: +44 20 3868 4990
Business Hours: Monday-Friday, 9am-5pm GMT