Consumer and business insights specialist Equifax has formed a strategic partnership with digital consent management and AISP-accredited Open Banking platform consents.online.
The tie-up has been established to develop solutions for the UK’s Open Banking initiative, which enables online banking customers to share their financial data with authorised third parties.
The alliance will allow consumers and small businesses to provide consent to organisations they would like to be able to access their financial data.
Equifax is also working with AccountScore – consents.online’s data analytics platform – which specialises in transaction data analytics for consumer and business lending, developing products that deliver enhanced data to financial service providers in real time, supporting lending decisions and making the application process smoother for customers.
This includes solutions which:
- remove the need for manual payslips when completing financial applications
- categorise transaction data to provide more detailed insight on customers
- notify financial service providers of events in a customer’s life which could alter their requirements
“The vision for Open Banking is to enable people to unlock the power of their data to make the most of their money, giving them more transparency, control, security and access to help,” said Jake Ranson, banking and financial intuition expert and chief marketing officer at Equifax (pictured above).
“This can be achieved when the extensive data Equifax already holds is harmonised with bank transaction data.
“Our detailed evaluation identified consents.online as the stand-out candidate to make this a reality, thanks to its long history and deep expertise in working with transaction data globally.”
Jake added that the Open Banking challenge was educating people on the latent value of data sitting in their current accounts.
“This will encourage ‘value exchanges’, moments when a customer explicitly consents that an institution can temporarily access their current account data because it will deliver a better or quicker outcome than previously possible.
“This can benefit consumers and businesses alike, whether applying for a loan, mortgage or credit card, the process can be improved via this exchange.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Rob Lankey to join Shawbrook as director of commercial investment
Shawbrook has announced that Rob Lankey (pictured above) will join as its new director of commercial investment at the end of February...
Secure Trust Bank ceases new mortgage lending
Secure Trust Bank has revealed that it has ceased new mortgage lending...
Starling Bank announces three new partnerships
Starling Bank has expanded its banking services offering with the introduction of three new partners...
Mortgage advisers forecast almost no growth in business levels in Q1
Mortgage advisers expect business growth of only 0.1% in in Q1 2019, according to recent research...
Fidor partners with Finn AI to launch AI-powered chatbot for banks
Digital banking group Fidor has partnered with banking technology provider Finn AI to launch a new AI-powered chatbot for banks...
Tesco Bank cuts mortgage rates
Tesco Bank has reduced rates across its residential mortgage range...
Zopa appoints new chairman
Zopa Group has appointed Gordon McCallum (pictured above) as its new non-executive chairman, while Giles Andrews will step back from his group chairman role, but remain on the board...
Starling Bank raises £75m to fund global expansion
Starling Bank has raised a total of £75m to fund its global expansion, which is due to start in Europe...
Redwood Bank names new director
Redwood Bank has appointed Leon Marklew (pictured above) as its new director of strategy, products and marketing...
Banks need to unite to redefine their social purpose
We are currently seeing a shift in momentum in how people view the role of the banking sector. We have seen non-governmental organisations and customers campaigning for banks to play a role in the move towards a more sustainable world...
Aldermore offers free standard valuations on high LTV purchase-only range
Aldermore is now offering free standard valuations on its high LTV purchase-only products, with no product fees...