What is Open Banking?

When you apply to rent a property, a referencing check confirms your identity and whether you can afford the monthly rent. If your referencing is handled by Rightmove Landlord and Tenant Services, digital income verification is used to confirm your income as part of that check: Open Banking is a key part of how that works.

This guide explains what Open Banking is, how it works as part of the digital income verification process, and what it means for your data.

What is Open Banking and how does it work?

Open Banking is a UK government-regulated system that allows approved financial services to access your bank account data securely and with your consent.

Rather than asking you to pull together payslips, bank statements and letters from your employer, Open Banking verifies your income directly from the source. The system reads specific transaction data to confirm that your income is what you’ve declared, and that you can comfortably afford the rent.

It’s worth knowing that Open Banking is regulated by the Financial Conduct Authority (FCA), which sets strict rules about how your data can be accessed and used. The technology behind it is the same type of encryption used for everyday online banking.

How does Open Banking work when I’m applying to rent a property?

Open Banking is the primary method used for digital income verification. When you reach the income verification stage of your referencing application, you’ll be guided through a short process to connect your bank account. This usually involves:

1. Selecting your bank from a list
2. Logging in to your online banking as you normally would
3. Approving the data-sharing request

The process takes just a few minutes. Once it’s done, the information needed to verify your income is shared directly with the referencing team, and your application can move forward.

Why is Open Banking used as part of the rental referencing process?

Traditional income verification can be time-consuming. Tracking down payslips, requesting old bank statements and chasing letters from employers all takes time, and every delay pushes back the point at which you get an answer on your application.

Open Banking shortens that process considerably. Because income can be verified directly and accurately, applications are processed more quickly. You’ll find out whether you’ve passed your reference checks sooner, which gives both you and the landlord greater certainty, faster.

It also reduces the chances of errors or delays caused by missing or unclear documents. For most people, Open Banking makes the referencing experience noticeably smoother.

Is it safe to share my banking information through Open Banking?

This is one of the most common questions people have, and it’s a fair one. Here’s what you need to know.

Open Banking uses a read-only connection. That means the service can view certain transaction data, but it can’t make payments, move money or change anything in your account. Your banking login credentials are never shared with Rightmove or any third party involved in the referencing process.

The providers used as part of this process are certified by the UK Open Banking framework, which is overseen by the FCA. This certification requires them to meet rigorous standards for data security and consumer protection.

A few other things worth knowing:

• You give explicit consent before any data is accessed
• The connection can be revoked at any time
• You can request that your data is removed once referencing is complete

If you’ve ever used a budgeting app or connected a financial account to a third-party service, Open Banking works in the same way.

What data does Open Banking actually access?

Open Banking only accesses what’s needed to verify your income. In practice, this means transaction data that shows regular income payments such as salary credits, self-employment receipts or other earnings relevant to your affordability assessment.

It does not access your savings balance, spending habits, direct debits, overdraft history or any other account details beyond what’s relevant to income verification. The system is specifically designed to answer one question: can this person afford the rent?

Which banks work with Open Banking?

The vast majority of UK current accounts are supported, covering around 98% of UK banks. This includes all major high street banks.

If your bank isn’t on the supported list, there are alternative ways to verify your income and you’ll be guided through those options if they apply to you. The goal is to make sure everyone can complete their application, regardless of who they bank with.

Does Open Banking work if I’m self-employed, a student or have irregular income?

Yes. Open Banking is not just for people in full-time employment. It can verify income for a wide range of situations, including self-employment and student income.

For some income types, additional documents or information may be needed alongside Open Banking to complete the verification. If that’s the case, you’ll be told clearly what’s required and given the opportunity to provide it.

Will using Open Banking affect my credit score?

No. Open Banking connects via a read-only access request, which is completely separate from a credit check. It won’t leave a mark on your credit file and won’t have any impact on your credit score.

What happens after Open Banking has verified my income?

Once your income has been verified, the information is reviewed by the referencing team alongside the rest of your application. They’ll assess whether you meet the affordability criteria for the property.

The referencing team makes the final decision on your application. Open Banking provides them with accurate, verified information to work from, but the outcome is always assessed by a person.

FAQs

• Do I have to use Open Banking when renting through Rightmove?

  If your referencing is being carried out by Rightmove Landlord and Tenant Services, Open Banking is a required part of the digital income verification process. It’s the most accurate and efficient way for the referencing team to confirm your income quickly.

• Can I ask for my data to be deleted after my application?

  Yes. Once the referencing process is complete, you can request that your data is removed by contacting the relevant provider.

• What if I don't have online banking?

  Digital income verification can work in different ways. If Open Banking isn’t available for you, your income may be verified through payroll data, HMRC records, or document upload. You’ll be guided through the right option for your circumstances.

• How long does the Open Banking process take?

  The connection itself usually takes just a few minutes. Because income verification happens quickly through Open Banking, it typically speeds up the overall referencing timeline compared to gathering and submitting documents manually.

• Is Open Banking the same as giving someone access to my bank account?

  No. Open Banking gives read-only access to specific transaction data. The service cannot make payments, transfer funds or change anything in your account. It’s a secure, one-way data share, not account access.