Open banking allows you to link your bank account to Zilch. Linking will mean that Zilch can better understand your affordability. This could increase your available to split amount. Any data transfers are provided through highly stringent security and relegation protocols in place between Zilch and 3rd parties.
Every Zilch user has an available limit that is determined through soft credit checks upon sign-up. If you link to Open Banking, information from your bank is shared with our partner, Credit Kudos, and securely checked to determine what you can afford, making your available spend more bespoke. In some cases, your available spend could increase after linking to Open Banking.
Linking to Open Banking is easy:
1. Log in to Zilch and go to 'Settings'
2. Click on 'Take me to open banking'
3. Select a bank account, preferably one that your income is paid into
4. You will be taken to your bank to authorise your request
It’s super safe with bank-level security, so nothing to worry about. We built this with you in mind. You can tell your bank to stop sharing your info anytime and opt-out whenever you want.
Your bank or building society will pay your money back if fraudulent payments are made and you’re also covered by data-protection laws and the Financial Ombudsman Service.
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