Open Banking

Open Banking as a Service

Get access to commercial bank transaction data through Open Banking that delivers cutting-edge transaction analytics to improve lending decisions and eliminate fraud.

Gain accurate insights into applicant finances with the most advanced open banking platform.

In partnership with Equifax, the Open Banking platform uses business current account data obtained through Open Banking, letting you analyse and rank critical metrics to improve lending decisions and eliminate fraud. 

Using the most advanced, customised commercial categorisation service, the Open Banking platform makes it easy to consume key insights from up to the last 24 months, displaying the key trends over time and providing lenders with an immediate view of an applicant’s financial position. 

Open Banking works with all major banks and payment service providers

Benefits of using Open Banking to assess commercial loan applications

Visibility of additional payments

Get a clear view of additional payments data not available to CRAs, such as; business rates, rent, HMRC payments, and various sources of turnover.

Better, more detailed data to improve decisions

Categorised insights provide granular transaction data to identify incoming sales funds and are not limited solely to credit turnover.

Real-time data to measure income shocks

On-going monitoring of financial health using transaction data helps you measure financial shocks, income variations and cash inflow / outflow trends.

Faster decisions through streamlined loan applications

Customers can give you direct access to the most up to date information, on their financial position in a matter of seconds.

Trusted by more than 100,000 companies worldwide

Key use cases to commercialise Open Banking

ID Verification

Verify your customer's identity by performing anti-impersonation checks through Open Banking which eliminates fraud.

Credit risk decisioning

Combining bank account insights with bureau data can help improve your credit risk scorecard effectiveness by up to 20%.

Affordability assessment

Providing a more detailed and insightful view of your customers’ finances enables more accurate affordability decisions.

Collections management

Improve and automate the way you assess income and expenditure to create better customer outcomes.

Improve lending decisions and reduce fraud with Open Banking

In just a few clicks, your customers can share their transaction data allowing you to improve customer journeys, reduce the time taken to source documentation and enable a more granular affordability assessment.