Summary
Open Banking is a UK Government and FCA-regulated framework that allows applicants to share specific banking data with authorised providers via secure APIs. Konfir uses Open Banking to verify employment and/or income from transaction history data quickly, reliably, and with full applicant consent.
How Konfir uses Open Banking
Konfir retrieves transaction history from the applicant’s chosen account(s) using one-time, read-only access requests.
Once data is connected, Konfir doesn’t simply pass raw bank statements; the retrieved data is:
Cleaned and grouped – transactions are matched and categorised into salary payments.
Standardised – employer names are mapped against Konfir’s Employer Database to remove noise or variation (e.g. “TESCO PAYROLL” vs “TESCO PLC”).
Cross-checked – frequency, duration, and amounts are analysed for consistency.
Presented in verification – only the structured verification output is shared
This ensures that you get a structured, reliable, GDPR-compliant view of employment and income that is harder to falsify than payslips or PDFs.
Strengths and Limitations
Open Banking complements HMRC (for historic coverage) and Payroll (for job titles and role data).
Strengths | Limitations |
Instant results (minutes, not weeks) | No job titles (Payroll only) |
~95–99% UK bank coverage | Applicants must have online banking |
Harder to falsify than payslips | Some applicants may be hesitant to connect |
Detects alternate income (pensions, benefits, etc.) | Cannot verify overseas accounts |
Note: If your applicant can not or does not want to connect Open Banking, Konfir will automatically fall back to HMRC or Payroll