Cashflow Loans Application Process

As part of our application process, we require all customers, where applicable, to connect to our Open Banking provider (Openwrks) and our accounting packaging provider (Codat).

Open Banking – OpenWrks

• What is Open Banking?
  Your bank contains a wealth of knowledge about your transactions and spending habits. Banks use this information when considering loans, mortgages, and other credit facilities that you may apply for. Open Banking gives you the power to let other lenders, like ourselves, view this data.
• Who are OpenWrks?
  OpenWrks have built the secure technology that allows you to easily share transaction information between your bank and ourselves. They maintain the highest security and are regulated by the Financial Conduct Authority. For more information on Open Banking and OpenWrks, see https://www.openwrks.com/what-is-open-banking/what-is-open-banking
• Why should I do this?
  By allowing us to view your business bank account’s transaction history, we will be able to verify the ownership of the account, which allows our underwriters to make a more informed decision regarding your application. This may also allow Newable to release the loan, without adding additional costs such as certifying proof of bank.
• Do Newable have access to your account?
  No – When providing access, you are only providing us with the latest transaction history, which we receive within a PDF document. At no time does Newable have access to your account or are able to make any changes to your account.
• When does the connection end?
  The information provided is at the day of connection. Therefore, we will not continue to see further payments after the connection date, unless we request for you to reconnect at a later date.
• Can I cancel the connection?
  Yes – Just request for Newable to remove the connection and we will confirm in writing when the connection has been removed. Please note, this request may take 24 hours to complete.
• What do I have to do?
  You will be provided with a link by ourselves, which will take you to our OpenWrks site, where you can see exactly what kind of data you will allow us to see. You will then be directed to your own bank’s secure login facility, to confirm the access with them.

Account packaging – Codat

• Who are Codat?
  Codat partner with Financial Service Providers to make life easier for companies when providing company’s account information. Through a single secure technology connection, financial service providers can easily access accurate contributed accounting data about a business from their chosen accounting  packaging provider, such as Clearbooks, Sage, Xero etc.
• Why should I do this?
  By allowing us to view your accounting information, will allow our underwriters to make a more informed decision regarding your application.
• What do I have to do?
  You will be provided with a link by ourselves, which will take you to Codat, where you can see exactly what kind of data you will allow us to see. You will then be directed to your own account packaging provider secure login facility, to confirm the access with them.