About Open Banking
My Wage uses Open Banking to let you securely tag your transactions within the platform which, along with your answers, allows us to calculate your personalised net hourly wage.
What’s Open Banking?
Open Banking is a secure, regulated system that lets you pull your live bank transactions into another app, like My Wage.
With our MyWage tool, you can only view your banking activity from our app or portal. You can’t pay for anything or change anything in your bank account using Finmo. And we can never action anything in your account, either.
Alongside most major banks, some other companies that use Open Banking include Compare The Market, Experian, Klarna and PayPal.
You can read more about Open Banking here.
Pulling your bank transactions into MyWage lets you:
- Tag income and business expense transactions as ‘business’ or ‘personal’
- Assign income and expense transactions to different income sources (if you have multiple ways of earning)
- Get a calculation of your net hourly wage and compare it to both the national living wage, and the London living wage
- Receive a personalised financial analysis and compare your wage to others in your industry