At Kestrl, we enable you to fund your account using ‘open banking’ for easy accessibility and user experience. We call these our ‘Open Banking Services’.
Kestrl is authorised to provide these services as an agent of TrueLayer, who is providing the regulated Account Information Service, and is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Firm Reference Number: 927200).
When you use our Open Banking Services to view information about an account with another provider, you have to authorise us to access that account. We won’t store any sensitive data you provide to give that authorisation.
Once we’ve been granted authorisation;
We can access your account information on your behalf i.e. account details and transaction history
We can analyse information to give spending insights to you e.g. budgeting recommendations and Zakat charitable donation calculations
You can also use Kestrl’s Open Banking Services to initiate a payment and add funds to your Kestrl Account via ‘Easy bank transfer’. This will take you to our secure API page where you can select one of your third party bank accounts.
Provided you have the application of your third party bank on the same device as the Kestrl app, this will take you to the selected banking app’s payment page where your Kestrl account details will be automatically filled.
If we have to block a transfer for this reason we will try to let you know beforehand or as soon as possible afterwards.