Yes, it is completely safe. Connecting your account to Updraft uses Open Banking, a highly secure technology designed to give you more control over your financial data. It’s mandated by the UK government and regulated by the Financial Conduct Authority (FCA).
This is the very same system used by all major UK banks and financial institutions like HSBC, Barclays, Monzo, and Lloyds to allow for the safe sharing of information.
What is Open Banking?
Open Banking is a secure way for you to grant companies like Updraft access to your financial information. It was created to increase competition in the financial sector and give you more choice and control over your data. Crucially, it is overseen by the FCA, ensuring it adheres to the highest security standards.
Updraft uses TrueLayer, an FCA-authorised Open Banking provider, to establish the secure connection between your bank and the Updraft app. TrueLayer provides the regulated Account Information Service under the Payment Services Regulations 2017.
How Open Banking Guarantees Your Safety
The entire process is designed with your security as the absolute priority. Here are the key protections you should know:
We never see your login details. You are always redirected to your bank's own secure website or app to log in. You authenticate directly with them using your normal password, Face ID, or fingerprint. Your credentials are never shared with Updraft and we never have access to them.
You are always in control. No data is shared without your explicit consent. Your bank will ask you to approve Updraft's request before any information is accessed. That permission is temporary – it expires automatically after 90 days unless you choose to renew it.
We only get 'read-only' access. We can view transaction data to assess your financial situation, but we can’t move money or make changes to your account.
Bank-level security. All information is transmitted using strong encryption comparable to that used by UK banks.
Why does Updraft use Open Banking?
Connecting your accounts allows for a much faster, fairer, and more accurate application process. Instead of asking you to manually find and upload bank statements, we can securely and automatically verify your income and spending habits.
This helps us to:
Save you time and effort by removing the need for paperwork.
Make a responsible lending decision by getting a clear and accurate picture of your finances.
Personalise your offer based on what you can comfortably afford.
By using Open Banking, we can make the best possible decision for you, quickly and securely.