Yolt collaborates with October to speed up loan applications
Open banking provider Yolt has announced a new collaboration with European peer-to-peer lending platform October to help speed up its loan application processes.
The announcement follows news of October’s acquisition of its competitor Credit.fr.
October will use Yolt’s account information services to use open banking data in its credit assessment process for small- and medium-sized enterprise (SME) lending in France, Italy, Spain, the Netherlands, and Germany.
The lender hopes that it will be able to improve its efficiency by replacing pdf-based bank statements with up-to-date, real-time open banking data through the partnership with Yolt.
“As the leading European platform in SME lending, we constantly invest in our own technology but also opt to buy when it’s more efficient,” said Patrick de Nonneville, chief executive of October.
“For example, given the importance of bank transactions in our scoring and the current low level of open banking adoption by SMEs, we’ve built our in-house pdf extraction systems; but as this adoption improves, we aim to switch to direct connections as much as possible.
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“Yolt’s strong European coverage corresponds to October’s European footprint and enables European SMEs to link their bank accounts, so that we can assess a broader profile of credit worthiness and speed up our decision process even more, supporting our mission to finance businesses better.”
Yolt’s chief executive Nicolas Weng Kan added: “We are thrilled to be working with October who are as innovative and technology-obsessed as we are at Yolt.
“We’re confident this collaboration will help to improve the lending experience for SMEs, providing broader credit options quickly and accurately.
“This does not only make the credit application process faster and more transparent, but also fairer.”
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