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Peer2Peer Finance News | September 26, 2018

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Equifax Open Banking alliance to smooth loan applications

Equifax Open Banking alliance to smooth loan applications
Emily Perryman

CREDIT reporting agency Equifax is partnering with Open Banking platform consents.online to streamline the loan application process.

Equifax is working with consents.online’s data analytics platform, AccountScore, which specialises in transaction data analytics for consumer and business lending.

The partnership will develop products that support lending decisions and make 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; and notify financial service providers of events in a customer’s life which could alter their requirements.

“The Open Banking challenge is 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,” said Jake Ranson, banking and financial institution expert and chief marketing officer at Equifax.

Read more: New report reveals how lenders can best attract customers via Open Banking

“This can benefit consumers and business alike, whether applying for a loan, mortgage or credit card, the process can be improved via this exchange.”

The partnership will allow consumers and small businesses to provide consent to organisations they would like to be able to access their financial data.

Through the consents.online app and website, customers have full sight of all permissions granted and for what purpose, and can allow access to be revoked, paused or extended at any time.

Read more: PwC: Open Banking is £7.2bn revenue opportunity, but more disruption is needed

“Together with them we can provide the infrastructure, tools and control to deliver the full service, real-time solutions financial service providers require,” said Emma Steeley, commercial director at consents.online.

Read more: Security concerns remain major stumbling block for Open Banking