Is Open Banking private? Here's what RIFT can and can't see

Connecting your bank account can feel like a big step. For many of our customers, it's the first time they've used Open Banking and it's completely normal to have questions. 

What can RIFT actually see? Can anyone access your money? Does it affect your credit score? What happens to your personal spending information? 

These are all sensible questions and understanding the answers can help you make an informed decision. 

The good news is that Open Banking is designed to help you securely share information, not hand over control of your account. At RIFT, we use it to help evidence work-related expenses that could support your tax refund, while you remain firmly in control of your banking information throughout the process. 

In this guide, we'll explain exactly what Open Banking is, what information can be shared, what RIFT can and can't access, and why so many customers choose it as a simpler alternative to manually gathering statements and receipts. 

What is Open Banking? 

Open Banking is a secure way to share bank account information with a regulated provider, with your permission. 

At RIFT, we use Open Banking to help identify and evidence work-related expenses that may support a tax refund claim. Instead of manually searching through months, and sometimes years, of bank statements, receipts and screenshots, Open Banking can help provide the information needed more efficiently. 

For this service, RIFT uses GoCardless as its Open Banking provider. 

GoCardless provides technology that allows account information to be securely shared through an Account Information Service. This means information can be shared with your consent, but it does not give RIFT control over your bank account. 

If you're new to the process, you may our How Open Banking Works guide helpful. 

Is Open Banking safe? 

One of the biggest concerns people have is whether Open Banking is secure. 

Open Banking operates within a regulated framework designed to protect consumers and their financial information. Rather than sharing passwords or login details with third parties, Open Banking creates a secure connection between your bank and an authorised provider. 

When you connect your account, you authenticate directly with your bank using the same security measures you already use for online banking. Depending on your bank, this may include: 

• Passwords
• PINs
• Banking apps
• One-time passcodes
• Fingerprint authentication
• Facial recognition 

Your banking credentials remain between you and your bank at all times. 

At RIFT, Open Banking is used to help support the evidence-gathering process for tax refunds. It is not shared with any third-parties for lending decisions, affordability assessments or credit checks. 

Why does RIFT ask customers to use Open Banking? 

HMRC expects tax refund claims to be supported by evidence. The stronger the evidence available, the clearer the picture of your work-related expenses becomes. 

Traditionally, that often meant searching through statements, locating individual transactions, downloading documents and providing supporting information manually. 

Open Banking helps simplify that process. 

It can help us: 

• Identify potentially relevant work-related expenses
• Review transaction information more efficiently
• Reduce the amount of paperwork you need to gather
• Minimise delays caused by missing evidence
• Build a clearer picture of expenses that may support your refund 

For many customers, it turns what can feel like a time-consuming administrative task into a much more straightforward process. 

You can also read more about: How Tax Refunds Work. 

What can RIFT see? 

When you choose to connect your bank account, Open Banking can share account and transaction information from the account you select. 

Depending on your bank, account type and consent, this may include: 

• Account name
• Account details for the connected account
• Transaction dates
• Merchant or counterparty names
• Transaction descriptions
• Transaction amounts
• Balance information 

This is the same information that would appear on a bank statement. 

The difference is that Open Banking allows information to be shared through a secure digital connection, rather than requiring you to manually download, upload or send documents yourself. 

RIFT uses this information to help identify and evidence work-related expenses that may support your claim. 

Before connecting through Open Banking, it's worth taking a few moments to: 

• Make sure you're connecting the account you use for work-related spending 
• Check that your banking app and contact details are up to date 
• Have your online banking details ready so you can complete authentication 
• Ask questions if you're unsure about any stage of the process  

Open Banking is designed to make providing evidence easier, but understanding what's happening at each stage can help you feel more confident about the process. 

What can't RIFT do? 

This is one of the most important things to understand. 

Open Banking does not give RIFT control of your bank account. 

RIFT cannot: 

• Move money from your account
• Make payments
• Set up direct debits
• Change your bank details
• Access your account without your consent
• View accounts you have not connected
• Access your online banking password or PIN
• Affect your credit score
• Make lending decisions
• Replace HMRC's final decision on your refund 

Connecting through Open Banking does not mean handing over your bank login details or giving anyone unrestricted access to your finances. 

You remain in control throughout the process. 

Does RIFT see my bank login details? 

No. You do not share your banking password, PIN or online banking credentials with RIFT. 

When you connect your account, you are redirected to your own bank's secure authentication process. This is handled directly by your bank using the security methods you already trust and use. 

Your login information stays between you and your bank. 

Can RIFT move money from my account? 

No. Open Banking for tax refund evidence is very different from giving somebody permission to make a payment. 

RIFT cannot: 

• Transfer money
• Withdraw funds
• Set up payments
• Change account settings
• Access payment functionality 

The connection is used to help review account information that may support your claim. It does not provide any ability to control your account. 

Can RIFT see everything I spend money on? 

The account you choose to connect may contain both work-related and personal transactions. This means personal transactions can appear within the information shared, just as they would on a bank statement. 

However, RIFT is not reviewing your spending to judge your lifestyle. 

The purpose of the review is to identify potentially relevant work-related expenses that may support your tax refund claim. 

For example, your account may contain: 

• Supermarket purchases
• Entertainment spending
• Family expenses
• Subscription payments
• Gambling transactions
• Personal purchases 

These transactions are not the focus of the review. 

We are looking for information that may help evidence legitimate work-related expenses and support your claim. We use AI-assisted technology to filter your work-related, claimable expenses. 

We will never share your personal data with any third party provider, and you can find out more about how RIFT protects your data here: How RIFT protects your data  

You can read more about claimable expenses here: What Work Expenses Can I Claim? 

Will gambling transactions matter? 

This is one of the most common questions customers ask. 

If gambling transactions appear within the account you've connected, they may be visible within the transaction data. However, RIFT is not a lender and this Open Banking process is not a credit application. 

We use Open Banking to help identify and evidence work-related expenses for tax refund purposes. 

We are not assessing affordability, making lending decisions or reviewing your spending habits. 

Gambling transactions may be relevant in other financial situations, such as mortgage applications or credit assessments. Those processes are very different from using Open Banking to support a tax refund claim. 

Will Open Banking affect my credit score? 

No. Using Open Banking with RIFT does not affect your credit score. 

It is not: 

• A credit check
• A loan application
• A lending assessment
• A credit search 

No credit footprint is created on your file. 

While some organisations use Open Banking for lending or affordability checks, that is not how RIFT uses it. We only use Open Banking to help support evidence for tax refund claims. 

Can RIFT access my bank forever? 

No. Open Banking works on the basis of consent. 

You choose whether to connect your account and access is controlled through the Open Banking process. 

You can also withdraw consent at any time if you choose to. 

In practice, Open Banking is not a permanent open door to your account. It is a controlled connection used for a specific purpose and for a limited period, usually 90 days. 

Why use Open Banking instead of uploading evidence manually? 

In most situations, we can accept manual evidence for your claim if you choose not to connect with Open Banking, or in rare cases, Open Banking is not supported by your bank. However, providing evidence manually can often require significantly more admin for customers. 

You may need to: 

• Search through statements
• Locate relevant transactions
• Download documents
• Take screenshots
• Upload supporting evidence
• Respond to follow-up requests if information is missing 

Open Banking can make that process simpler. 

By securely sharing transaction information directly, it can help reduce administration, improve accuracy and make the evidence-gathering stage more straightforward. 

That's why many customers choose Open Banking where it is available. 

What happens if I don't want to connect my bank? 

If you're unsure, it's worth speaking to us before deciding not to continue. 

There may be alternative ways to provide evidence, but they can take longer and often involve more manual work. 

The important thing is not to assume your claim is no longer worth pursuing simply because you're uncertain about Open Banking. 

If you have concerns, talk to us. We'll explain what information is needed, why we're asking for it and what options may be available to you. 

Open Banking with RIFT: what it can and can't do 

Open Banking can help RIFT	Open Banking cannot
See transaction information from the account you connect	Move money from your account
Identify potentially relevant work-related expenses	Make payments
Support your claim with stronger evidence	Change your bank details
Reduce manual statement searching	Access your account without consent
Reduce missing evidence requests	View accounts you have not connected
Make evidence gathering more straightforward	Affect your credit score
Build a clearer picture of expenses that may support a claim	Judge your personal spending

 

Still have questions about Open Banking? 

If you're unsure whether Open Banking is right for you, you're not alone. Many customers have questions about privacy, security and exactly how the process works before they decide to connect their account. 

The most important thing to remember is that Open Banking is designed to help you securely share information, not hand over control of your finances. You remain in charge of the process, your bank credentials stay private and the connection is used for a specific purpose. 

If there's anything you're unsure about, talk to us before making a decision. We'll explain how the process works, answer your questions and help you understand the options available to support your claim.