In this article we've answered some frequently-asked questions related to Salt Edge's Open Banking service, which can be accessed by customers with eypay.
Can the Open Banking connection initiate payments or modify banking arrangements?
No. The eypay bank feed connection only allows eyworks to retrieve authorised account, balance, and transaction information for the purpose of reconciliation. Customers using eypay will not be able to make payments, amend direct debits or payees, or make changes to the bank account through the Salt Edge open banking connection.
Customers that want the ability to manage payments, direct debits, and payees through eypay can do so by setting up the Payments services we provide through our partnership with Unipaas.
What permissions are required to use this service?
During the connection process, customers will be asked to provide consent for eypay bank feeds to access certain information. This includes:
- Bank account information, where provided by the bank.
- Account balances.
- Incoming and outgoing transaction data for the permitted period.
Account identifiers displayed in eypay are masked or limited to the information required for identification, such as sort code, last four digits and masked IBAN.
Which FCA-regulated entity provides the Open Banking service?
eyworks Limited is registered by the Financial Conduct Authority (Firm Reference Number 1056709) as an agent of Salt Edge Limited.
Salt Edge Limited is registered by the Financial Conduct Authority (Firm Reference Number: 822499) and provides you with regulated account information services under the Payment Services Regulations 2017.
Can access to bank feeds be restricted according to user role and bank account?
Only users with the Company Admin or Accounts Admin roles are able to manage eypay setup and bank feed connections. Branch Managers and Area Managers can be given view-only access, without the ability to make changes.
It is not currently possible to apply different restrictions for each bank account. Company/Accounts Admins will have access to every account, while Branch/Area Managers will be able to view all bank accounts for the nurseries they manage.
Where is banking data stored?
eypay stores imported bank feed account metadata, balances, connection status and transaction data in the eyworks application database. Salt Edge processes the connection and retrieves data from the customer’s bank as part of its service.
How is customer consent managed and revoked?
Consent is requested when the bank connection is established. Consent validity depends on the bank and consent configuration. UK Open Banking connections usually require renewal after 90 days.
Consent may expire or be revoked by the customer, their bank or the provider. When this happens, the connection may become inactive and the customer must renew or reconnect through eypay. Salt Edge will provide status updates on your consent to indicate if it has expired or been revoked.
Consent will automatically be revoked if a customer deletes a bank feed from the system.
What happens if a bank feed import fails or is incomplete?
In the case of an import failure, customers may be alerted on the feed that there is a problem requiring attention. eypay keeps track of connection, refresh, and import statuses, as well as any provider failures, so that where necessary our support and engineering teams will be able to access these records to carry out detailed technical diagnostics and investigate failures.
Can you provide security and GDPR documentation?
Our Privacy Policy and GDPR information explain how personal and financial data is processed and protected.