Q & A
What's Open Banking?
As of January 2018, a new law (PSD2, sometimes also known as Open Banking in the UK) will mean that you'll be in greater control of your bank data - not the bank! This will allow consumers and small businesses, such as you, to share their bank data, securely, with other banks and third parties.
The main idea is that this change will help you see all of your money – whether it’s savings, investments, loans, or day-to-day accounts – all in one place, and therefore, have a better understanding of it. It will also be much easier for you to compare different providers of various products and find the best deals.
Does it cost anything?
Nope - it's all 100% free. It'll only take you a few minutes to open a current account with Starling which you can use for your business and it won’t cost you a thing.
As an innovator with early access, what do I get?
You'll get to see what being a freelancer in the future will be like, meaning, you will have access to four different benefits:
- You will receive an early access invitation to open a Starling Bank account which you can use for your business.
- You'll be one of the first to experience open banking when you connect your Starling Account with Albert.
- You’ll benefit from a fully automated invoicing experience, which means less admin for you.
- You’ll have the opportunity to ask for the features you need through participation in Starling's product development process.
Is my information and data secure? Who has access to it?
Starling uses OAuth2 to authenticate and authorise requests to your account via an API. This allows you to authorise 3rd party applications to access your data, without handing over your Starling credentials meaning your current account sign-on details are not shared with anyone.
How will it change my current workflow?
Your Albert App will now be "fully automated" making it easier for you to keep on top of your expenses and invoicing, with the internal flow remaining the same, so rest assured you won’t be lost. This is how it will work: when you go to a shop and pay for something, you will receive a notification from Starling confirming the payment, and from Albert asking “Would you like to expense it”? If you swipe, this will open the Albert App with your expenses pre-filled, the only thing that you will have to do is taking a picture of your receipt, as easy as that.
What if I don't like it?
We're sure you'll love it. But, the second you don't want to use our automated expenses anymore - you can unlink both accounts from each other, to then use either App separately as you wish.
Your Starling Bank account will still be open and active. If you no longer intend to use your Starling account for your business, you should notify Starling in accordance with the terms you accepted when becoming an early access innovator.
As we only have a limited number of innovator spaces, if Starling think that you’re not using your account as they would expect, including on a frequent enough basis, Starling may (at their discretion) remove you from the innovator group which may involve them closing your account or reverting it to a personal account. This way we can invite other sole traders to participate.
What is Starling Bank?
Starling Bank is a UK bank providing the UK first mobile-only current account, built to make managing your money stress-free so that you can enjoy a healthier financial life where you’re more mindful of your money.
The Android and iOS app’s features help you know exactly where your money is spent and gives you tools to save for the things that matter most, and where your bank account is as connected to your life as the other apps and services you use.
The Starling Marketplace will put your Starling Bank account at the centre of a wider financial ecosystem. It works by integrating a range of products and services in the app, which give you choice as well as control over your money. Imagine, for example, being able to move money with one swipe, from your account into an investment platform. Or you could be able to check out different mortgage options from fintech companies, other banks, and so on, all from within the Starling app.
Starling Bank is registered in England and Wales as Starling Bank Limited (No. 09092149), 3rd floor, 2 Finsbury Avenue, London EC2M 2PP. Starling Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 730166.
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