If you've ever filled in a Credicorp application, you'll have noticed an option to connect your business bank account via Open Banking. It is entirely optional — you can still apply without it — but a lot of customers say it is the part that turned a paperwork chore into a five-minute job.
What Open Banking actually does
When you connect, your bank lets us read your business account's transaction history — in read-only mode, for a fixed period. We never see your password and that account-information connection cannot move money, set up payments or change anything on the account. We see what an accountant would see if you handed them last quarter's statements: dates, amounts, descriptions, the running balance.
What we look at
- Recent turnover and seasonality — not a credit score from years ago.
- Whether essential outgoings — rent, payroll, key suppliers — are being paid on time.
- Whether the account is active and matches the company you have applied as.
What we don't do with it
- We do not sell or share the data with marketers. Ever.
- We do not look at non-business spending you'd rather we didn't see. The connection is to the business account, not a personal account.
- We do not keep the connection open longer than we need to. If ongoing access is still needed, we ask you to reconfirm consent in each 90-day period; you can also revoke it from your bank app at any time.
Our Our Technology page has the full technical picture, and our Privacy Policy covers how we handle the data. If you would rather submit statements as PDFs instead, you can — the application still works.
Common questions about Open Banking and business loans
Is Open Banking mandatory to apply for a Credicorp loan?
No. Open Banking is optional. You can still submit PDF bank statements instead. Open Banking simply speeds up the process for most customers by removing the need to download, name, and upload statements manually.
Does connecting Open Banking give Credicorp ongoing access to my account?
We request read-only access for the duration of the application assessment. If we need ongoing access (e.g. for a revolving facility review), we ask you to reconfirm consent in each 90-day period in line with Open Banking regulations. You can revoke access at any time via your bank app.