What is Open Banking?

Open Banking is a secure way for apps and services to connect to your bank account.

It lets you share certain information from your bank account without giving Zilch any sensitive information, such as your online banking password or login details.

Zilch uses Open Banking for features such as verifying your income, which can help us understand your financial circumstances and provide access to certain features and more personalised offers.

Open Banking can help us verify information about your income and understand your financial circumstances.

For example, if you're eligible for Advance, you'll need to connect your bank account using Open Banking so we can verify your income and pay date. This information helps us calculate how much you might be able to borrow.

Open Banking also helps us give you more personalised offers and spending insights.

When you choose to connect your bank account, you'll select your bank and follow the instructions to approve the connection.

You'll be taken through a secure process with your bank, where you can review and approve the permissions you're giving.

Once you've given permission, your bank securely shares the information you've agreed to provide.

Your online banking password and login details aren't shared with Zilch.

The exact steps may vary, but you'll generally:

You'll always be asked to give permission before your bank account is connected.

Yes. Open Banking uses secure connections between your bank and authorised providers.

When you connect your bank account, your bank handles the secure authentication process. Your online banking password and login details aren't shared with Zilch.

You'll also remain in control of your permissions and can manage or remove Open Banking access through your bank.

The information available depends on the purpose of the Open Banking connection and the permissions you approve.

For example, when you're connecting your account to verify your income, relevant information such as your income and pay date may be used to verify your eligibility for features such as Advance.

You'll be shown what information you're being asked to share before you approve the connection.

No.

Your online banking password and login details aren't shared with Zilch.

You'll enter your banking details through your bank's secure authentication process.

Open Banking isn't required to use Zilch.

However, some features may require you to connect your bank account. For example, you'll need to use Open Banking to verify your income if you want to access Advance.

If you don't connect your bank account, you may not be eligible for features that require Open Banking.

Yes. You can manage or revoke your Open Banking permissions through your bank or via the Zilch app.

If you disconnect your bank account, you may no longer be able to use Zilch features that rely on Open Banking. You may need to reconnect your account if you want to use those features again.

That's OK. Open Banking is only used for features that require it.

You can continue to use the Zilch features you're eligible for without connecting your bank account, although some features and offers may not be available to you.