Frequently asked questions

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1. DirectID

1.1 What is DirectID?

DirectID is the primary service provided by The ID Co. Through DirectID, individuals are empowered to utilise the trusted data from their bank and other secure accounts. This gives companies the ability to make more informed affordability assessments, increase operational efficiency and reduce fraud through real-time financial data reporting and analytics. Companies use DirectID to verify the identity of their customers or applicants, carry out regulatory and compliance checks such as Anti Money Laundering (AML) or Know Your Customer (KYC) and to assess affordability and spending patterns.  DirectID connects to over 13,000 banks globally in over thirty countries. DirectID has customers across the UK, Europe and continental America.

1.2 How does DirectID work?

DirectID gives you the ability to do more online, by taking the trusted data you have in your bank account and using it to access additional services. It uses the trust you have with your bank to prove you are who you say you are. You are asked to enter your online bank login details because this proves you – and you alone – have secure access to the account. Your bank verified identity is important because your bank knows you better than anyone else and your financial accounts, income and spending patterns relate to you as a specific individual. By logging into your online bank through DirectID, you are sharing the data mentioned above with the Company requesting it. Our security model is bank level, layered and protected by tokenised oAuth authentication and strong encryption. All transaction data is encrypted and access to customers’ bank information is read only.

1.3 Who can use DirectID?

DirectID is a B2B tool. Any company wishing to utilise the services of DirectID are requested to contact our Sales team on sales@direct.id.

1.4 A company has asked me to use DIrectID. What does this mean?

Companies use DirectID to verify the identity of their customers or applicants, carry out regulatory and compliance checks such as Anti Money Laundering (AML) or Know Your Customer (KYC) and to assess affordability and spending patterns. Whilst you may not be familiar with this type of service it is a digital offering, and much more secure and efficient alternative to sending in paper copies of bank statements and identity documents.

1.5 What data does DirectID access?

DirectID can access a range of different (read-only) information from account holders. This can include:Transaction DataCurrent BalanceAccount NumberSort Code / Routing Number / Bank Transition Number / BSBAccount Holder NameAccount NameAccount Type.

1.6 How is this data used?

DirectID will only share your information with the Company that requested you to verify. By using the DirectID service you are consenting to share your information with that Company to access their products or services.

1.7 Is my data safe when using DirectID?

Yes. Security is our utmost concern and our security model is bank level, layered and protected by tokenised oAuth authentication and strong encryption. All transaction data is encrypted and access to customers’ bank information is read only.

1.8 I can’t find my bank. What now?

DirectID supports over 5,500 banks across the world. When searching for your bank please ensure you try entering the partial or full name. If you still cannot find your bank please contact the Company that has asked you to verify as they may be able to suggest an alternative.

1.9 How much does it cost?

As with all aspects of Open Banking there is no charge to the customer for the use of DirectID’s services.

2. Open banking

2.1 What is Open Banking?

The Open Banking Implementation Entity (OBIE) which oversees Open Banking in the UK describes Open Banking as “a secure way to give providers access to your financial information.”Rather than being seen as giving away customer data however, what this means in practice is that consumers now have more control over their data than ever before. It offers up the opportunity for them to utilise products and services based on their bank data.

2.2 Are customers automatically enrolled in Open Banking?

No. Customers must give their explicit consent to all transactions carried out through Open Banking. Consent can be withdrawn at any time. Similarly, there is no charge or fees for using Open Banking.

2.3 How does Open Banking work?

Through the use of APIs (Application Programming Interfaces) customers when buying a product or service can be directed to the login page of their internet banking. Once these details have been entered, the product or service will be given access to certain (read-only) information through APIs. This information could help in loan, mortgage applications, and offer consumers far more choice than they currently have in their banking.

2.4 Who are the beneficiaries of Open Banking?

One of the biggest reasons why Open Banking was introduced was because there was a lack of choice for customers in their use of financial products. Opening up bank account data has allowed for technologists and financial technology companies (known as FinTech’s) to build new, innovative and exciting products that will offer choice and value to consumers in their everyday financial lives.

2.5 How do I know the company accessing my information is safe?

All firms, including The ID Co., need to be regulated and registered with the Open Banking Implementation Authority. You can see the full list of regulated providers on the OBIE website.

2.6 Who can access my information?

Only the vendor of the product or service will be able to see your data. Even then, the data will be in read-only format with no ability to make transactions or any other type of action. Nobody will be able to see your data without your explicit consent.

2.7 What is Open Banking Excellence?

The ID Co. Is passionate about Open Banking. To show that we’re here to help the industry move forward, we sponsor a monthly meetup group. Currently there are meetups running in Edinburgh and London, with more planned. The purpose of these informal groupings is to promote an agenda around Open Banking, to share and collaborate on best practice, and to illustrate use-cases. You can find out more information regarding Open Banking Excellence at www.openbankingexcellence.com.

3. The ID Co.

3.1 What is The ID Co.?

The ID Co. was created in 2011 with the purpose of giving consumers control over their data through (open) bank data. We now operate in over thirty countries. The ID Co. offers solutions that are deployed in retail banking, lending, mortgages, collections and consumer and business finance markets.

3.2 How can I contact The ID Co.?

We are based in Edinburgh, Scotland and keep standard business hours of 9am to 5pm Monday to Friday. Our phone number is (+44) 845 119 3333. Our contact us page can be found here.Other email addresses that you may find helpful:

General Enquiries

info@theidco.com

Sales

sales@theidco.com

DirectID Partners

partners@directid.co

DirectID Support

support@directid.co

Jobs

jobs@theidco.com

Press

press@theidco.com

Frictionless Finance Newsletter

frictionlessfinance@theidco.com

Marketing

marketing@theidco.com

Social Media - The ID Co. is active across a number of social media platforms. These platforms are actively monitored Monday to Friday 9am- 5pm. We aim to respond to all enquiries from social media within one business day. Links can be found here:

Twitter

LinkedIn

Open Banking Excellence (Twitter)

3.3 Who are the key contacts at The ID Co.?

James Varga is founder and CEO. He can be contacted on james.varga@theidco.com.

3.4 Why was The ID Co. created?

James Varga founded The ID Co. in 2011. Conscious that Open Banking would change the way that consumers managed their finances in the future, he created The ID Co. with the goal of breaking down barriers in finance, removing friction and offering speed and convenience for consumers. Our B2B service DirectID was launched in 2015, with consumer app, NoMo following in 2018.

3.5 What solutions does The ID Co. offer to customers?

The ID Co. offers two services. One is our B2B service DirectID. The other is our consumer facing app, NoMo.Through DirectID, individuals are empowered to utilise the trusted data from their bank and other secure accounts. This gives companies the ability to make more informed affordability assessments, increase operational efficiency and reduce fraud through real-time financial data reporting and analytics. DirectID connects to over 5,500 banks globally in over thirty countries. DirectID has customers across the UK, Europe and continental America.NoMo (for no money, mo money) is a simple financial cashflow tracking app, built for personal consumers. The app offers users an honest appraisal of income and outgoings, simply, and with a human touch. Ultimately, regardless of where we are in the month, or how long it is until pay-day, we all want to know the simple answer to the question “Do I have more or less money than at this stage last month?” NoMo is currently only available on iOS with an Android release date scheduled for December 2018. 1.6 Is The ID Co. currently recruiting?A full list of our vacancies can be found on our careers page. If you don’t see a position that is for you, we encourage you to send your CV to jobs@theidco.com. The ID Co. Is always seeking the finest talent. If that’s you, then we want to hear from you!

Advanced credit & risk insights

Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexibile spend.

Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexibile spend.

Income verification

Verify your customer's income across all income streams, whether it's salaried wages, freelance earnings or benefits.

Categorisation & classification

Cut through the noise of a bank statement and understand how and where your customers spend their money.

Emerging financial distress

Identify emerging financial distress to enable early intervention before your customer defaults.

Browse our platform

Our platform

The DirectID platform gives you all the tools you need to capture consent, access transaction data and view detailed insights on your customer's financial behaviours.

Connect

A guided user-interface to capture consent, verify and connect to bank accounts, and share transaction data.

Data APIs

The pipelines for transferring and accessing normalised bank data, from your customer's bank account into any platform.

Dashboard

An accurate, real-time view of your customer's financial data, enriched with intelligent credit & risk insights.

Market-leading global coverage

We aggregate bank connections from across the globe to provide the largest coverage on the market. With DirectID, you can scale your business with confidence.

  • 13,000+ bank account connections

  • Connections in 45+ countries

  • Access to 1.5bn+ bank accounts

Bring your own data to our engines

Input transaction data from any source. If you already have a data set, or currently access open banking data, plug in to our engines and we'll return the advanced insights you need to make confident decisions.

What our customers say

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Global vehicle manufacturer

Automotive financing

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Shieldpay

Multi-award winning payment platform. Designed for highly secure & efficient transactions. Trusted by over 100 law firms, lenders and professional services.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Target Group

A Tech Mahindra company and a leading business services provider in lending, investments and insurance, managing over £25bn+ assets.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Best Egg

Consumer-lending platform developed by Marlette Holdings, Inc.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Dana

A lending as a service provider using open banking to strengthen their credit scoring engine

Get started using open banking data

Talk with one of our specialists to find out more about using open banking data.

  • Demo of the guided customer consent journey

  • Walk through of our real-time data & insights

  • Coverage check in your markets

Frequently asked questions

Schedule a call
01

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.

02

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.

03

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.

04

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.

Speak with one of our specialists