What our FCA AIS agent registration means for Clara users

Connecting a budgeting app to your bank can feel like a big step. You are giving an app access to information about your real money, so it is reasonable to ask who provides the connection, what the app can see, and whether it could ever move your money.

Clara uses open banking to bring supported account and transaction information into one budgeting view. JEMA Software Ltd, the company behind Clara, is registered as an Account Information Services agent of Finexer Ltd. Finexer is the authorised firm, and Clara operates under the permissions Finexer provides for this service.

This article explains what that arrangement means in everyday language. The short version is that the connection is read-only, Clara does not receive your bank login credentials, and Clara cannot use the connection to move money.

What is an Account Information Services agent?

Account Information Services, often shortened to AIS, is the part of open banking that lets an app show information from accounts you choose to connect. For Clara, that means account information and transaction data can be used to organise spending, identify recurring payments, and keep your budget view up to date.

An AIS agent provides that account-information service under an authorised firm's permissions. JEMA Software Ltd is the agent. Finexer Ltd is the authorised firm. That distinction matters because it would be inaccurate to say JEMA Software Ltd is itself authorised and regulated by the FCA. Our role is the registered agent role described on the FCA Register.

The exact disclosure is:

JEMA Software Ltd (FRN 1061485) is a registered Account Information Services agent of Finexer Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN 925695) under the Payment Services Regulations 2017. We do not hold client funds and do not provide payment initiation services.

What read-only access means

Read-only access means Clara can receive the account information you approve for the budgeting service, but the connection cannot be used by Clara to make a payment, transfer money, or withdraw funds. Clara does not provide payment initiation services.

That boundary is important. Clara uses connected data to help you understand what has already happened in your accounts. It can show transactions, spending categories, recurring payments, and budget information. It cannot take action on the money in those accounts.

Clara also does not hold client funds. Your money stays with your bank or account provider. There is no Clara wallet holding your bank balance and no step where you transfer money to Clara so the app can analyse it.

We never see your bank credentials

When you connect a supported bank account, authentication takes place through the secure bank and open banking connection flow. Clara does not receive or store your online banking username, password, passcode, or other bank login credentials.

You should expect the connection process to take you through the secure approval steps used for your bank. That is where you confirm the account and approve the requested access. Clara receives the account information made available through that approved connection, not the credentials you use to sign in to your bank.

This is why you should never send bank passwords or passcodes to Clara support, enter them into a Clara chat, or share them with anyone who contacts you claiming they need them to connect your account.

How consent works

Nothing is connected automatically. You choose whether to connect a supported account and complete the consent flow before Clara receives account information through that connection.

The consent flow tells you what information is being requested before you approve it. You can decide not to continue. If you do approve the connection, Clara uses the resulting read-only access to provide the connected budgeting features you chose to use.

Consent is not a one-time surrender of control. You can disconnect the account from Clara or use the relevant open banking consent controls. Disconnecting stops future access through that connection. Information already received is handled in line with Clara's Privacy Policy and the choices available for your account and data.

What this registration does not mean

The registration does not turn Clara into a bank, and it does not mean JEMA Software Ltd can move money. JEMA Software Ltd is not described as FCA authorised or regulated. Finexer Ltd is the authorised and regulated firm, and JEMA Software Ltd is its registered Account Information Services agent for this service.

It also does not make Clara a regulated financial adviser. Clara provides budgeting tools and spending insights. The app can help organise information and make patterns easier to understand, but it does not replace professional advice for an important financial decision.

How to check the registrations yourself

You do not have to take a website statement on trust. The FCA Register lets you search by a firm's reference number. You can check JEMA Software Ltd using FRN 1061485 and Finexer Ltd using FRN 925695.

When you read the records, keep the roles clear: JEMA Software Ltd is the registered Account Information Services agent, while Finexer Ltd is the firm authorised and regulated by the Financial Conduct Authority under the Payment Services Regulations 2017.

The practical takeaway

If you connect a bank account to Clara, the purpose is to make budgeting easier by bringing the account information you approve into a clearer view. The access is read-only. Clara never receives your bank login credentials. Clara cannot move your money, does not hold client funds, and does not provide payment initiation services.

You remain in control of whether an account is connected. You approve access through the secure flow, and you can disconnect when you no longer want Clara to receive information through that connection. That is what the registration and the open banking setup mean in practical terms.