What is Open Banking?
While banks have historically maintained client financial information inside their own closed systems, Open Banking enables the secure sharing of financial data between banks and third-party service providers (such as brokerage firms) through the use of application programming interfaces (APIs).
Using Open Banking, clients may link their bank account to their brokerage account for deposits and withdrawals, with funds typically arriving same-day or next-day, depending on your bank. We currently offer Open Banking for DKK, EUR, GBP, NOK, SEK transfers, but plan to offer additional currencies in the near future.
How do I link my bank account via Open Banking?
- Login to Client Portal and select Transfer & Pay followed by Transfer Funds and Deposit Funds. Select your desired currency from the drop-down menu. If eligible, you will see the option for “Link Bank Account via Open Banking.” Click “Use this Method” to begin the linking process.
- On the subsequent screen, click Connect Account.
- You will then be redirected to Plaid where you will first need to consent to the sharing of data between Plaid and us. Review the information and click Continue.
- After clicking “Continue”, you will be asked to select your banking institution. Select your bank from this list.
- From there you will be redirected to your bank app. Use the provided QR code to confirm within your banking app, or use the link below to go to your bank’s website.
- Login using your bank credentials. Once you have done so, you will be redirected back to your Client Portal where you should now see your bank account information within the Plaid window. Choose your desired bank account and click “Continue.”
- Review your bank information on the next page. If correct, click “Continue.” If there is an issue with linkage, you will see an error screen with a message detailing the error. However, if the linkage is successful, you will receive a confirmation window.
How do I deposit funds using Open Banking?
- Once you have linked your bank account, you may submit a deposit request using Open Banking. Login to Client Portal and select Transfer & Pay followed by Transfer Funds and Deposit Funds. On this page you should see your new linked bank account as a saved bank instruction. Click your linked bank account.
- A screen will display confirming the bank account information. Enter the desired deposit amount and click Continue.
- You will be redirected to Plaid to review the deposit information. If correct, click Continue.
- From there you will be redirected to your bank app. Use the provided QR code to confirm within your banking app, or use the link below to go to your bank’s website.
- Login using your bank credentials. Upon successfully logging in, you will need to confirm the deposit in your bank app. If rejected, you will receive a rejection screen within Client Portal. However, if successful, you will receive a deposit confirmation screen.
How do I withdraw funds using Open Banking?
Before your first withdrawal you will need to Verify the bank instruction.
- Login to Client Portal and select Transfer & Pay followed by Transfer Funds and Withdraw Funds. On this page you should see your new linked bank titled “Local Electronic Bank Transfer”, but it will say “Verification Required.” Click your linked bank account.
- A verification screen will populate. Click Verify.
- Review the information and fill out any necessary fields. Once finished, click Save Bank Information.
Upon saving you bank information, you will be asked to provide your account login information for us. Once complete, your bank instruction can now be used for withdrawals. Go back to Transfer & Pay followed by Transfer Funds and Withdraw Funds. On this page you should see your new linked bank account as a saved bank instruction titled “Local Electronic Bank Transfer”. Click your linked bank account to begin the withdrawal process.
Where can I view my saved bank information for my linked bank account?
Login to Client Portal and select Transfer & Pay followed by Saved Information. You will see your various saved bank accounts listed on this screen. Click your newly established linked bank account to view your saved information.