Open banking specialist Yolt has announced a new partnership with business intelligence provider Creditsafe to help speed up business lending decisions.
The partnership will see Creditsafe offering Yolt’s recently-launched Cashflow Analyser tool to business and credit professionals. The tool uses open banking to accelerate lending decisions, and means that Creditsafe will be able to instantly offer its clients access to a customer’s cashflow data to better assess their risk profile.
“In the lending market alone, we calculate that our technology can reduce processing times on borrowing applications by 85 per cent, saving lenders up to 18,000 hours per year,” said Nicolas Weng Kan, chief executive of Yolt.
“Our partnership with Creditsafe enables them to add a valuable, reliable, and accurate data source to help their clients optimise their risk profile assessments.
“We look forward to helping more businesses in the UK and across Europe to benefit from open banking.”
Yolt launched Cashflow Analyser in 2021, with the aim of giving credit underwriters and providers of business services better insights into the cashflow of credit applicants.
The Creditsafe partnership represents the first time that the Cashflow Analyser has been offered as a white label product.
“The availability of open banking data has been a positive move for the industry, driving confidence and maintaining the availability of credit lending through these highly volatile and uncertain times,” said Creditsafe’s head of global partnerships, Chris Long.
“Our partnership with Yolt means we can seamlessly integrate this data into our existing solutions, delivering valuable new insight whilst maintaining streamlined credit decision processes.”
Last month, Yolt announced a collaboration with European peer-to-peer lending platform October to help speed up its loan application processes.