Your account with Stoa

What is Open Banking?

Open Banking is the secure way to give authorised providers (such as Stoa) access to your financial data. What we mean by "data" is the information banks already have on record on how we use our accounts day-to-day such as balance, transactions and how much we are spending and saving. This data can be harnessed for your benefit to help manage your money, budget or get better deals by sharing it with FCA regulated third parties.

Under the scheme set up in 2018 by the Competition and Markets Authority on behalf of the Government, UK banks must allow you to share this information with the idea behind these changes to bring more competition and innovation to the financial services industry.

To plug into your bank, we use a provider called ‘Yapily’ who directly and securely connect your current account to Chip through an ‘Open Banking API’. You’re never asked to share your password or login details with anyone other than your own bank or building society and Stoa or Yapily will never store any of these credentials.

Every provider that uses Open Banking to offer products and services must be regulated by the Financial Conduct Authority and you’re always in control of which providers can access your information. In conclusion, the data you share with Stoa through Open Banking allows our web application to work its magic! It’s clever, secure and simple.

About our Payments Provider

We use Yapily, a regulated Open Banking provider, to facilitate secure payments from your bank to Stoa. Yapily allows you to authorise deposits quickly and safely without the need to enter your Stoa bank details manually.

Yapily is authorised under the UK’s Open Banking framework and works with a wide range of banks to ensure a smooth payment experience.

Do I need to inform Stoa if my income or employment circumstances change materially?

Stoa is required to carry out Customer Due Diligence (CDD) measures to ensure that customer information is kept up to date. As such, if there is a material change in your income or employment circumstances, we kindly ask you to keep us informed. You can do this by sending an email to [e-mail], stating the relevant changes.

In addition, Stoa may reach out to you on or around the anniversary of your sign-up to check that your customer information is up to date.

Updating your account details

Some account details are available for you to update directly in the app, whereas other details which are more directly tied to your identity (such as your name or address), you will need to reach out to our support team directly.

Closing your Stoa Account

You can close your Stoa Account by emailing us at [e-mail] with the subject line: Account Closure Request.

If you have an existing deposit with us, we will need to keep your Stoa Account active until the deposit is due to be returned – only when deposits are fully returned can we initiate the account closure process.