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Connect your Bank Account with Open Banking

What is Open Banking?

Open Banking is a secure way to share your financial information with Capital on Tap. With your permission, we can access information from your business bank account to help us verify your details, understand your business, and meet regulatory requirements.

We use Plaid, a trusted third-party Open Banking provider, to securely connect to your bank account.

You may be asked to connect your bank account at different stages of your journey with us, including during your application, after approval, or when reconnecting an expired account.

Why connect your bank account?

Connecting your bank account helps us:

  • Verify your business bank account details
  • Confirm information provided during your application
  • Understand your business activity and revenue
  • Meet regulatory requirements
  • Review your eligibility for future credit limit increases and other offers

An active Open Banking connection allows us to periodically review your account without requesting additional information from you.

Is Open Banking secure?

Yes. Plaid uses industry-standard security measures, including Advanced Encryption Standard (AES) and Transport Layer Security (TLS), to help keep your information secure.

Your online banking credentials are never shared with Capital on Tap.

How to connect your bank account

During your application

If we need additional information to review your application, you may be asked to connect your business bank account.

  1. On the Help us learn more about your business screen, select Connect.
  2. You'll be redirected to Plaid.
  3. Select your bank and sign in securely using your online banking credentials.
  4. Follow the on-screen instructions to authorise the connection.
  5. Once the connection is successful, you'll see a confirmation screen.

You can choose to connect another account or continue with your application.

If you're unable to connect your account, you may be able to upload business bank statements instead.

After approval

Before setting up Direct Debit payments, you'll need to validate your business bank account.

  1. On the Validate your business bank details and set up Direct Debit screen, select Online Banking.
  2. Select Confirm.
  3. Select Connect to continue through Plaid.
  4. Choose your bank and sign in securely.
  5. Follow the on-screen instructions to authorise the connection.

Once completed, your bank account details will be validated and you'll be able to continue setting up your Direct Debit.

Managing your connected accounts

Add another bank account

We recommend connecting all business bank accounts that are relevant to your business.

To add another account:

  1. Go to Your Account.
  2. Select Linked bank accounts.
  3. Select Add a new account or Add another account.
  4. Follow the Plaid connection process.

Reconnect an expired account

Open Banking connections expire periodically and must be renewed to continue sharing information.

If your connection expires, we'll notify you by email or through your online account.

To reconnect:

  1. Select Relink from the prompt on your Dashboard or Linked Bank Accounts page.
  2. Follow the Plaid instructions to verify your details and authorise a new connection.
  3. Once completed, you can reconnect any additional expired accounts or skip those you no longer wish to connect.

Keeping your accounts connected allows us to continue reviewing your account for future offers and potential credit limit increases.

Frequently Asked Questions

What if my bank isn't listed?

If your bank isn't available through Plaid, select My bank isn't listed and follow the instructions to upload your business bank statements instead.

What if I don't want to use Plaid?

If you don't wish to connect through Plaid, you may be able to upload business bank statements for review.

Please note that if we require financial information to assess your application and you choose not to provide it through either Open Banking or bank statements, we won't be able to continue processing your application.

Why do you need my information?

We use Plaid to help verify bank account information and support our regulatory obligations.

How do I disconnect my Open Banking data connection?

You can remove the Open Banking data connection at any time. Disconnecting the data connection means that we will no longer be able to refresh your data. We recommend keeping your account connected as it allows us to periodically check if you qualify for a credit limit increase.

Can I connect multiple bank accounts?

Yes. We encourage you to connect all business bank accounts that are relevant to your business so we can build a more complete picture of your financial activity.

I completed the Open Banking process, but I still received an email reminder.

If you've already successfully completed the process through your online account, no further action is required.

Troubleshooting

If you receive an error message when trying to connect, here are some troubleshooting tips:

  • Couldn't connect to your institution: Try again later or use the manual process for bank validation.
  • Username or password incorrect: Make sure you are entering the correct credentials. Try logging into your bank's website directly to confirm your details and ensure you are selecting the correct bank.
  • Action required with your account: Log into your bank account on a secure web browser to confirm that your online banking settings are enabled to share data.
  • Your account settings are incompatible: Some account configurations may not allow Plaid to connect. In this case, you can try the manual process for bank validation.