The UK property market is notoriously slow, with the average home-moving timeline stretching to a painful 179 days. A major bottleneck is “chasing paper” to verify funds. This manual process is not just slow; it’s a massive risk. Recent research shows 1 in 6 UK adults admit they or someone they know have misled mortgage lenders. This combination of delay and high fraud risk is why the PropTech sector is turning to Open Banking to confirm buyer funds instantly and securely.

This guide will explain the use of open banking in proptech for confirming buyer funds.

Problems with Traditional Buyer Funds Verification

The old method of asking a buyer for PDF bank statements or screenshots is flawed.

• It’s Slow: It creates days of delays while you wait for the buyer to find and send documents.
• It’s Risky: PDF statements can be easily forged or manipulated, putting your agency and your client at high risk of fraud.
• It’s Non-Compliant: A forgeable document is a weak link in your mandatory AML (Anti-Money Laundering) checks.

How Open Banking Verifies buyer Funds

Open Banking is a secure, UK-regulated technology that allows a buyer to give one-time permission for their bank to share financial data directly with a verified third party.

The agent never sees the buyer’s bank login or password.

Here is the simple, 90-second process:

1. You Send a Secure Link: Instead of asking for documents, you send the buyer a one-time verification link via text or email.
2. The Buyer Consents (at their bank): The buyer clicks the link and logs in directly to their own banking app.
3. They Approve the Request: The bank asks them to approve a single, read-only request to confirm their balance.
4. You Get Confirmation: You instantly receive a tamper-proof digital certificate that you can use to confirm buyer funds and satisfy KYC/AML requirements.

Key Benefits for Estate Agents

By using an Open Banking UK solution, agents gain a massive competitive advantage.

• Instant Verification: You can confirm buyer funds on the spot, allowing you to move a property to “Sold” in minutes, not days.
• Eliminate Fraud: The financial data comes directly from the bank’s secure system. It is impossible to fake.
• AML Compliance: This method provides a robust, auditable, and digitally verified trail, which is far superior to a PDF in a filing cabinet.
• A Better Client Experience: No more requesting the buyer to send all their documents. It’s a fast, secure, and modern process that buyers trust.

The PropTech landscape in the UK is moving fast. By replacing outdated paper checks with Open Banking to confirm buyer funds, agents can close deals faster, eliminate risk, and build a more efficient, trustworthy business.

How Finexer Helps

Finexer replaces slow, manual checks with an instant Open Banking solution. Instead of chasing your client’s for paperwork, you use Finexer’s platform to confirm a buyer’s financial standing in real-time, allowing you to secure sales faster and with zero risk of document fraud.

• Instant Affordability & Fund Checks: Securely confirm buyer funds, verify income, and assess financial stability in real-time. This ensures your buyer can meet their commitments.

• Automated & Compliant (KYC): Finexer automates your AML process. The platform is fully PSD2 compliant, using real-time bank data to instantly verify a buyer’s identity and confirm account ownership, providing a fast, auditable trail.

• Wide Coverage & Seamless Experience: The service covers 99% of UK banks, so it works for nearly all your clients. They simply approve the request in their own banking app—no paperwork, no chasing, and no delays.

• White-Label Integration: The entire verification process can be branded as your own. This builds trust and provides a seamless, professional experience for your clients, keeping your brand front and centre.

See how Finexer’s Open Banking solution can help you verify funds in seconds. Get started or Book a demo today to secure your sales and automate your compliance.

Wrapping up

Let’s be honest, the old way of verifying funds is a nightmare. Chasing buyers for bank statements, only to get a blurry PDF you hope is legitimate, is stressful and exposes you to fraud.

Open Banking is the clear solution. Using a platform like Finexer, you skip the paperwork. The buyer gives one-time permission on their banking app, and you get a tamper-proof confirmation in seconds.

Your AML headache is sorted, and fraud risk is eliminated. In this market, agents who use this instant, secure experience will build trust and close deals faster.