A NEW Open Banking platform is launching next month that enables credit providers to verify loan applicants’ income more quickly.
OpenBankVision, launched by technology company LendingMetrics, is looking to offer its services to peer-to-peer lenders and other finance providers.
Its platform enables lenders to access up to 90 days of a loan applicant’s bank statements free of charge, removing the need to request income references or paper proof of income.
The platform goes live on 7 December.
Companies using the software will be able to conduct thousands of searches per month, despite paying no license fee, or making any other financial commitment.
Consumers need to confirm consent for read-only access to their bank accounts through an app called oohMoolah, which then gives OpenBankVision a token to interrogate accounts in real time.
The token expires after 30 days.
“We’ve spent two years developing and testing OpenBankVision, and are now finally ready to go live with what is a best-in-class platform,” Neil Williams, managing director of LendingMetrics, said.
“After speaking with credit providers, and based on our long experience in this area, we know that it is what the market has been waiting for.
“Unlike other providers we will not be charging hefty set-up or monthly fees.”