Rebuildingsociety is set to use open banking to manage client money and assess creditworthiness, after its technology provider White Label Crowdfunding partnered with TrueLayer.
White Label Crowdfunding produces software for a number of crowdfunding and peer-to-peer lending platforms globally, including its sister business, Rebuildingsociety.
Its partnership with TrueLayer, which provides open banking application programming interfaces for fintechs, means that all platforms that use its software can now benefit from the data-sharing initiative.
P2P business lender Rebuildingsociety will utilise the technology on the app that it launched last month as well as on its online dashboard. It will also roll out the technology to its appointed representatives, including P2P property lending platform Sourced Capital.
“It’s a big step forward,” said Daniel Rajkumar, managing director of Rebuildingsociety.
“It’s the reconciliation of client money that makes it a very efficient way of managing their funds, including automation, to give customers a better journey and service.”
Kieron Greeff, business development manager at White Label Crowdfunding, said it is really exciting to be working with TrueLayer.
“Our platforms are now open banking enabled which gives them real-time deposits that get reconciled through TrueLayer,” he added.
“It’s a much better user experience, deposits are in real-time and instantaneous.
“It’s exciting to be working in this area. All our platforms can have better, quicker interactions with banks, removing delays.”