Regulations
DirectID operates under within a strict regulatory framework. In order to ensure that our customer’s data is kept safe we have mandated policies and procedures that we follow.
DirectID operates under our trading name of The ID Co.
The ID CO. is regulated by the Financial Conduct Authority (FCA) as an Account Information Services Provider (AISP). Our AISP number is 798579. Details on regulated bodies including AISPs and Payment Initiation Service Providers (PISPs) can be found on the Open Banking Implementation Entity (OBIE) website. More information can be found on the OBIE website.
The data of our customer’s and individuals is of paramount importance to The ID Co. Our privacy policy is refreshed on a regular basis and can be found on the DirectID website.
Frequently asked questions
What is open banking and how does it work?
Open banking is the practice that allows people and businesses to share up to 12 months of transaction data. DirectID is regulated by the Financial Conduct Authority as an Account Information Service Provider (AISP) - the intermediary who safely facilitate this process.
What is transaction categorisation?
Transaction categorisation is the process of adding context to raw transaction data. The process gives you an understanding of what your customers' spend their money and where.
How does bank account verification work?
Using the bank account verification API, DirectID matches the details provided from your customer to those on their account. We apply a set of sophisticated algorithms and rules to verify the name, and then tell you what does and does not match.
How do you verify income with open banking?
After a customer shares their data, DirectID identify recurring credits to the account and group these. Using an algorithm we identify the monthly income for each income stream. We then return the calculated income and confidence score to you.
Get started using open banking data
Talk with one of our specialists to find out more about using open banking data.
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Coverage check in your markets
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