Can UK Business Loans connect accountants with lenders who use Open Banking for quicker decisions?

Need a faster, more accurate funding decision for your accountancy firm without piles of paperwork? This page explains how Open Banking speeds lender decisions, which lenders use it, and exactly how UK Business Loans matches accountants and accounting practices to lenders and brokers who can use Open Banking to deliver quicker quotes and decisions. Complete our short enquiry for a Free Eligibility Check — Get Quote Now.

Quick answer — short summary

Yes. UK Business Loans can match accountants and accountancy practices with lenders and brokers who use Open Banking to speed up credit decisioning. Not every lender uses Open Banking for every product or case, but where it’s available it can replace manual statement collection with near-instant, read-only bank transaction data to produce faster, more accurate affordability checks. Complete a short enquiry for a Free Eligibility Check — Get Quote Now.

What is Open Banking and why it speeds lender decisions

Open Banking is the UK framework (built on PSD2 and Open Banking standards) that allows customers to authorise secure, read-only sharing of bank transaction data with accredited third parties. For lenders this means they can automatically access verified account activity, rather than rely solely on uploaded statements or manual verification.

How Open Banking works

• Client gives explicit consent to an authorised provider (often via a secure link).
• An accredited third-party provider fetches a read-only feed of transactions and balances from the business bank account.
• The lender receives a categorised cashflow snapshot and can run automated affordability and fraud checks.

Consent is time-limited, read-only (no transfers or payments) and can be revoked at any time. The process typically takes minutes to authorise and seconds to fetch the data once consent is granted.

Benefits for lenders and for accountants

• Lenders: faster underwriting, better affordability evidence, reduced fraud and lower manual processing cost.
• Accountants and firms: fewer documents to gather, quicker indicative quotes for clients, and clearer evidence of cashflow when applying for working capital or financing.

Do UK lenders and brokers actually use Open Banking?

Yes — adoption is widespread across digital-first lenders and growing among traditional banks and brokers. Use and depth vary by product and by lender risk appetite: some use Open Banking for initial affordability checks, others for full underwriting.

Types of lenders using it

• Challenger banks and fintech lenders — often early adopters for online decisioning.
• SME-focused alternative lenders and specialist invoice-finance providers.
• Some high-street banks for digital applications and affordability screening.
• Brokers and platforms that aggregate lenders will commonly use Open Banking links to speed matching and applications.

Typical uses

Common Open Banking uses include verifying recurring client payments, confirming VAT receipts and payroll outflows, producing a cashflow snapshot for invoice finance, and automating affordability checks for term loans or asset finance.

How UK Business Loans connects accountants to Open Banking lenders

UK Business Loans is a specialist introducer and matching service that helps accountancy firms access lenders and brokers best suited to their funding need. We do not provide loans or regulated advice — we introduce practices to lenders/brokers who can progress quotes and applications.

Our matching process (enquiry → match → contact)

1. Complete a short enquiry (under 2 minutes) outlining your firm’s company name, turnover band, funding amount and purpose — Start your Free Eligibility Check.
2. We match your enquiry against our panel of lenders and brokers experienced in serving accountancy firms and professional services.
3. If a matched lender or broker can use Open Banking to speed verification they will request consent via a secure aggregator link; once granted they can access read-only account data and often provide an indicative decision much faster.

We then pass your details to the matched providers who will contact you by phone or email to progress the quote. Submitting an enquiry does not commit you to proceed and does not in itself affect credit records.

What information we collect and why

We collect minimal, relevant details to match you effectively: company registration, approximate turnover, funding amount required (we work with loans typically from £10,000 and up), industry sector and contact details. Open Banking consent, where required, is given directly to the lender or their authorised provider — we do not receive your bank login information.

Get Quote Now — Free Eligibility Check

Security, consent and compliance — what accountants should know

Open Banking operates under strict UK rules. Access is via FCA-authorised or registered third party providers and uses strong customer authentication (SCA). The data shared is read-only and only for the scope and period you consent to.

Consent, data minimisation and PSD2/Open Banking standards

• Consent is explicit: you see which account(s) and what date range will be shared.
• Data minimisation: providers request only what’s needed for the assessment.
• Revocation: you can revoke consent at any time through your bank or the provider.

Introducer and third-party notes

UK Business Loans acts as an introducer and matching service. When you consent to Open Banking, that consent is granted directly to the lender or their authorised third-party provider. We never ask for bank login credentials and we only share your enquiry information with matched providers to progress quotes.

Which loan types for accountancy firms benefit most from Open Banking?

Open Banking helps any product where real-time cashflow and affordability evidence matters. Typical products that benefit include:

• Cashflow & short-term business loans — faster underwriting and quicker indicative offers.
• Invoice finance / factoring — automates validation of client receipts and improves release of funds.
• Asset & equipment finance — supports affordability checks for repayment profiling.
• Merchant cash advances — confirms card sales and revenue patterns.
• Overdrafts and working capital — realtime account views help set limits and pricing.
• Short-term bridging — when speed matters, Open Banking can accelerate initial checks.

How quickly can accountants get a quote using Open Banking?

Timelines vary by product and lender but Open Banking often cuts hours or days off the process:

• Unsecured SME loans (alternative lenders): hours to 24–48 hours with Open Banking consent.
• Invoice finance and asset finance: same-day to a few days depending on additional checks.
• High-street bank commercial facilities: Open Banking speeds checks but final decisions can still take several days due to additional credit and compliance steps.

These are typical ranges — actual times depend on lender capacity, documentation, and the complexity of the case. Free Eligibility Check — Get Quote Now.

Real-world examples / use cases

Here are anonymised examples showing how Open Banking can help accountants:

• Case 1: A mid-sized accountancy practice needed short-term working capital during VAT season. Open Banking consent produced a cashflow snapshot and the invoice finance provider issued an indicative offer the same day.
• Case 2: An accounting firm wanted to finance software and hardware. Asset finance approval was confirmed within 48 hours after transaction data verified steady recurring income.
• Case 3: A practice onboarding a new partner needed an overdraft facility; Open Banking shortened the initial affordability check and reduced document requests.

How to prepare before submitting an enquiry

Having information ready makes matching and lender responses quicker. Checklist:

• Company name, registration number and business address
• Approximate annual turnover and average monthly receipts
• Funding amount required (we typically place loans from £10,000 upwards) and purpose
• Latest management accounts and confirmation of who can give consent (director/authorised signatory)
• Where available, be prepared to use Open Banking to replace uploading months of bank statements

Get started — Free Eligibility Check

Want a fast, no-obligation quote from lenders and brokers who can use Open Banking to speed decisions? Complete our short enquiry and we’ll match your accountancy firm to the most suitable partners. Get Quote Now — Free Eligibility Check

FAQs

Will Open Banking harm our clients’ bank security?

No. Open Banking uses accredited providers and strong customer authentication. Data is read-only and only accessed with explicit consent for a limited period.

Will submitting an enquiry affect our credit score?

Completing our enquiry form for a Free Eligibility Check does not affect credit scores. Lenders may carry out credit checks only if you proceed with an application.

Do you charge accountants to use the service?

Our enquiry service is free for businesses. We earn fees from partners for successful introductions; there is no upfront fee to you for matching.

Do all lenders accept Open Banking?

No — adoption varies by lender and product. We will match you to lenders or brokers that use Open Banking where it is a suitable option.

Can I revoke Open Banking consent?

Yes. You can revoke consent via the provider or your bank at any time.

Is UK Business Loans a lender?

No. UK Business Loans is an introducer that matches you with lenders and brokers who provide quotes and funding directly.

Compliance & disclaimer

UK Business Loans is an introducer that connects businesses to lenders and brokers. We do not lend or provide regulated financial advice. Submitting an enquiry does not guarantee a loan and does not in itself affect your credit score. Any Open Banking consent is granted directly to the lender or their authorised third-party provider. For full terms, privacy and data handling details see our legal pages.

Interested? Start your quick enquiry for a Free Eligibility Check and we’ll match your firm to lenders and brokers who may use Open Banking to speed decisions — Get Quote Now.

Related reading: learn more about our specialist service for accountants at accountants business loans.

1. Can UK Business Loans match my accountancy firm with lenders who use Open Banking for quicker decisions?
Yes — UK Business Loans is an introducer that matches accountancy firms to lenders and brokers who can use Open Banking to speed verification and provide faster quotes.

2. Will submitting a Free Eligibility Check enquiry affect our credit score?
No — completing our short enquiry for a Free Eligibility Check does not affect your credit score and lenders will only run credit checks if you proceed with an application.

3. How does Open Banking speed up UK business loan decisions?
Open Banking provides authorised, read-only bank transaction data directly to lenders so they can run automated affordability and fraud checks far quicker than manual statement review.

4. Which types of business finance for accountants benefit most from Open Banking?
Products that gain most include cashflow and short-term business loans, invoice finance/factoring, asset and equipment finance, merchant cash advances, overdrafts and working capital facilities.

5. Is UK Business Loans a lender and do you charge accountants to use the service?
No — we are not a lender and our matching service is free for businesses, with introducer fees paid by partners only on successful introductions.

6. How quickly can accountants expect a quote when using Open Banking through your matches?
Timelines vary by lender and product but Open Banking often delivers indicative quotes in hours to 24–48 hours for many unsecured SME loans and same-day to a few days for invoice or asset finance.

7. Is giving Open Banking consent secure and can I revoke it?
Yes — Open Banking uses FCA-authorised providers and strong customer authentication, is read-only, and you can revoke consent at any time via the provider or your bank.

8. What information should I have ready before submitting an enquiry for a business loan?
Have your company name and registration, business address, approximate annual turnover and monthly receipts, desired funding amount and purpose, and details of an authorised signatory who can grant Open Banking consent.

9. Do all UK lenders accept Open Banking and will you only match me to those that do?
Adoption varies by lender and product, but we will match you to lenders or brokers that use Open Banking where it is suitable and likely to speed your application.

10. Will matched lenders see our bank login details or be able to take money from our accounts?
No — lenders access read-only transaction data via authorised third-party providers and never require or receive your bank login credentials or the ability to move funds.