Open Banking Hub
Introduction
Signicat's Open Banking Hub allows end-users to share bank account information securely and electronically for bank account verification, affordability checking and identification purposes.
End-users will need to consent to sharing their bank account information via logging into their online banking environment using strong customer authentication (SCA).
The regulatory basis for open banking in Europe is the Payment Services Directive (PSD2).
Bank Account Verification
Bank Account Verification can provide assurance about a user's bank account number, protect conversion by reducing the friction in the onboarding flow and speed up the process, in contrast to traditional methods such as penny drops (micro-deposit verifications) and bank statement uploads.
We offer Bank Account Verification in cooperation with with open banking providers such as Klarna.
You can find information on the countries we cover on our Coverage for Open Banking services page.
You can find information on how we compare the data you provide with the data returned by the bank on our Bank Account Verification matching logic page.
Our Bank Account Verification services are available through our eID Hub. You can integrate with the eID hub and choose 'Open Banking' as the method and 'Bank Account Verification' as the service.
If you want to read more about the basics of our eID Hub product before you start integrating, refer to the following pages:
- Authentication REST API conceptual documentation for a conceptual description of the flows.
- Authentication REST API Reference for endpoint descriptions.
Affordability Check
Affordability Check allows you to build a robust customer portfolio through optimised risk decisioning by instantly verifying customer financial data, thereby avoiding delays.
Our Affordability Check feature is coming soon.
Identity Verification
Identity Verification based on information held by the bank about the user can facilitate online services in markets where there is no widely adopted electronic identity. This process uses AML (Anti-money-laundering) requirements banks must fulfil as well as the strong customer authentication the user must perform.
Our Identity Verification feature is coming soon.
Use cases and flows
Get started
Set up an API integration
Sign up to Signicat
If you don't have an account already, you will need to sign up for a free Signicat account:
- Register as a user in the Signicat Dashboard. You can find out how to do this in our Sign up to Signicat guide.
- In the Signicat Dashboard, set up an organisation and an account.
We advise you to create a sandbox account to test our solutions before implementing them in production.
Access the Open Banking Hub
- To access our Open Banking Hub, you need to create an API client. You can find out how to do this in our guide on Accessing Signicat API products.
- Once you have set up an API client, you can use it to obtain access tokens, which are required by all Open Banking operations for API authorisation.
Attributes reference
Attributes and sample requests and responses for performing an AIS (Account Information Service) process to retrieve bank account holder information and then comparing it with the information you provided.
Additional resources
Support
If you have any further questions, reach out to one of our digital identity experts: