Open Banking: A secure new way to share your data

Let Alliance are changing the way tenant referencing is transacted for tenants in the UK through Open Banking. Open Banking is a change to the UK banking industry, designed to give you control over your data by allowing you to share your financial information electronically and in a secure environment.

At Let Alliance, we’re making the switch to allow you to better control your referencing process and for the majority of cases, have your reference processed within 24 hours with no need to chase your employer or landlord as we’ll have a clearer view on your previous rental payments and income history.

New choice, enhanced security

Your financial data belongs to you and Open Banking, through our partner TransUnion International UK Ltd, is designed to help make the process of sharing your financial information quicker to speed up the referencing process.

Open Banking can be considered another sort of online banking transaction with the same security as for example checking your balance. When your data is securely forwarded to Let Alliance, we’ll be at your side every step of the way.

Providing consent for Open Banking will allow TransUnion to provide us with access to your bank data so we can confirm previous rental payment history and employment income, in order to accurately provide your reference.

How do I use Open Banking?

Simply select the Open Banking option when completing your tenant link through the Let Alliance system and we’ll do the rest.

Once you have agreed to Open Banking you’ll be redirected to our partner TransUnion who will access your online bank and send us a 12-month snapshot of your finances. At this stage please ensure that you select the account your salary is paid into and rental payments made from, as appropriate. By selecting Open Banking you do not need to upload copies of your bank statements and payslips. No more having to provide endless paperwork or employer/landlord references as we’ll have a clear view of your rental payment history and employment income. Agreeing to Open Banking means we can deliver your completed reference much faster, with the process usually complete within a matter of minutes.