The balance of your bank and credit accounts on Capitalise may not be completely up to date because financial institutions typically report this data to Experian through the CATO and CAIS schemes approximately every 45 days, which is different from real-time Open Banking.
Data reported through CATO and CAIS:
Capitalise displays bank and credit account information reported by your providers through Experian's:
Current Account Turnover (CATO) scheme for current accounts.
Credit Account Information Sharing (CAIS) scheme for credit accounts.
Key reason: periodic reporting (approximately every 45 days):
Financial institutions generally report data to Experian through the CATO and CAIS schemes on an average cycle of every 45 days. This means there's a significant time lag between when a transaction occurs in your account and when that updated information is transmitted to Experian and subsequently reflected on your Capitalise credit profile.
The account balance information on Capitalise provides a valuable overview of your financial standing as reported periodically. For the most up-to-the-minute balance information, refer directly to your bank's online portal, mobile app, or your latest account statements.
CATO and CAIS vs. Open banking:
These schemes are different from Open Banking. Open Banking allows for real-time access to your transaction data with your explicit consent. However, the data displayed on Capitalise for bank and credit accounts is primarily sourced through the periodic reporting of CATO and CAIS, not real-time Open Banking feeds.
Implications of the reporting delay:
Due to this reporting schedule:
Balances are a snapshot in time: the balance you see represents the state of your account at the time of the last reporting cycle by your financial institution.
Recent Transactions not yet reflected: any transactions (credits, debits, payments) that have occurred since the last reporting date will not be included in the currently displayed balance.
Fluctuations may not be immediate: day-to-day or week-to-week changes in your account balances will likely not be visible until the next reporting cycle is processed.