Open Banking for Rental Agreement Reference

[bunchofkeys]

Question for people that have taken up a new rental recently. Hopefully you can shed some light on this Open Banking scheme.

I've just put an offer in for a house, which has been accepted by the landlord.
Paid the holding deposit and now progressing through the reference checks.
However, it seems that the estate agent uses a company that wants access to my bank account, through the Open Bank scheme. I never heard of this.
I've not had to be referenced checked for a rental for many years, the last time I went through checks I just needed to supply some bank statements and my ID.
So, how safe is this Open Bank scheme, they want to see affordability. How much access do they have?
Thanks

[bunchofkeys]

MadCaptainJack said:

mrmistoffelees said:

It's read only.

Be careful!

Open Banking allows for a Payment Initiation Services Provider to requesr a payment on the account holder’s behalf, which their bank then presents to the customer (e.g. through their banking app) for authorisation.

I recommend that the OP read this website - https://www.openbanking.org.uk/what-is-open-bankin... - and speak with their bank if they’re not entirely comfortable.

Thank you for the link

[bunchofkeys]

Thanks for the input.
Unfortunately EA Hamptons won't accept the 12 months up front, just asked, and they won't accept the paper reference. It's all through this open banking or nothing, and I would have wasted the holding deposit.