Q & A
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 the Bank 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 free Bank account which you can use for your business.
- You'll be one of the first to experience open banking when you connect the Bank 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 our product development process.
Is my information and data secure? Who has access to it?
The bank we are partnering with 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 bank credentials meaning your current account sign-on details are not shared with anyone.
We will not have access to any information other than what you grant us when signing up or later. Plus, everything of a sensitive nature is encrypted within both our system and the bank's. So there's no need to worry at all.
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 the bank 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 Bank account will still be open and active. If you no longer intend to use your Bank account for your business, you should notify them in accordance with the terms you accepted when becoming an early access innovator.
As we only have a limited number of innovator spaces, if the Bank thinks that you’re not using your account as they would expect, including on a frequent enough basis, they 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.
Your opinion matters so please, don't hesitate to contact us if you come up with more questions. You can contact us on firstname.lastname@example.org