Frequently asked questions

Want to know more about ClearStake and Open Banking?
You’ll find the answers here.
What is Open Banking?

Open Banking enables you to safely and securely share the financial information that was previously controlled by your bank, with specially regulated providers, like ClearStake.

In plain English, it means you control your financial data, rather than your bank, and can choose to share it with whoever you like, for as long (or as short) a time as you like.

In this particular context, it’s helpful to just think of it as a fast, secure and convenient way to share the same data you would if you scanned and sent bank statements to a gambling or gaming company.

How does Open Banking work?

It’s very simple.

You give ClearStake consent to share financial information from your bank with the gambling operator concerned. As ClearStake is a service provider regulated by the Financial Conduct Authority, this is a completely safe and secure process.

To get set up, your bank will ask you to login to your online banking to verify your identity, then ask you to confirm that you’d like them to share information with ClearStake. The easiest way to do this is by scanning a QR code when you are in your banking app.

You may wish to share details from multiple banks. Each of these can be set up individually, and your data will NEVER be shared across these institutions, only with the relevant gambling business.

All we do is then aggregate your financial data in a way that is easy for your gambling provider to read, who then ensure that you as a customer are spending within what you can afford.

That’s it!

Can I manually add documents?

Yes.

If for any reason you wish to share financial data through printed or scanned statements, ClearStake will support that process.

It should be noted, however, that Open Banking is the fastest, most secure, and easiest way to share your financial information.

What exactly am I sharing?

Firstly, it’s important to understand that you can stop sharing your financial data at any time.
The default sharing period with ClearStake is 90 days. That means that after 90 days, ClearStake and your operator (the company you shared data with) will no longer be able to see that data - even if you do nothing.

That said, we recommend staying connected to ClearStake. We provide valuable financial summaries to customers, and it makes sharing your data with other businesses in the future (for example to another gambling operator) really easy.

How long am I sharing my data for?

Firstly, it’s important to understand that you can stop sharing your financial data at any time. 
The default sharing period with ClearStake is 90 days. That means that after 90 days, your operator (the company you shared data with) will no longer be able to see that data - even if you do nothing.

That said, we recommend staying connected to ClearStake. We provide valuable financial summaries to customers, and it makes sharing your data with other businesses in the future (for example to access credit) really easy.

What is my ClearStake report based on?

The report we share with your operator (and you) gives a high-level overview of your finances. Specifically, we identify and show regular income, rent or mortgage payments plus utility bills, and also regular outgoings such as gym memberships that we assume you don’t want to cancel!

What is left is an indication of your true discretionary income, which in turn enables an operator to understand precisely how much you can safely afford to play with.

Who can see my data?

Only ClearStake and any organisation you have actively allowed to see your data will ever see it. Better yet, ClearStake reminds you who can see your data. If you see an organisation you no longer wish to share data with, you simply remove access at any time.

No decisions made on the basis of your data are ever shared with any third party. Your ClearStake data can never impact your credit rating.

My bank isn’t listed, what do I do?

We’re always looking to ensure ClearStake is integrated with all major banks, but some inevitably slip through the net. For the moment, proceed with scanned or printed statements - but do let us know your bank and we’ll do our best to add it as soon as possible.

To contact us click here

Can I disconnect Open Banking?

Absolutely. You can revoke access at any point. 

How long will my data be stored?

Neither ClearStake nor your operator will store your data for any longer than is necessary, or beyond the purpose for which the data is processed. Your information will not be shared with any credit agencies. However, where legally required for regulatory purposes, data will be stored for a period of 6 years. This is in line with industry guidelines and also to meet any legal and regulatory obligations, such as responding to requests from the Financial Ombudsman Service, any queries you may have, and any legal claims.

Will my data be shared with credit agencies?

Absolutely not, ClearStake will not share your data with any credit reference agencies, and will not affect your credit score. This is not a credit check! We are committed to protecting your information.