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FAQ > Bank Verification

Bank Verification

Satago's registration process is swift and simple, and as part of our anti-money laundering checks, we verify each client's bank account ownership before we release any funds. 

Satago uses OpenWrks (openwrks.com), an online information service provider of 'Open Banking' which is a UK government standard.

OpenWrks is built by Business Finance Technology Group Ltd (Company Number: 09422433), who are regulated by the FCA (an Authorised Account Information Service Provider, FRN number 709589 - see https://www.openbanking.org.uk/customers/regulated-providers/bizfitech/.

Open Banking is all managed online, so just like logging into your online banking, you can grant permission for providers of financial services to see information from your bank account securely online.

Open Banking removes Satago's need to obtain paper documents to verify bank details with you. Your bank will only allow authorised and regulated financial services firms to connect with your bank account and they will also let you remove access to any business you’ve connected from within your online banking.

Satago does not hold your banking data; neither logins, nor account information. It uses OpenWrks to access your account information for the consented period of 90 days. 

The OpenWrks solutions provides all information about what information is obtained, how long it is stored for, how you can delete your information and much more. 

OpenWrks allows you to connect to many of the high street banks. Below are the present list of banks, as presented when you grant permission via Satago:

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