LendingMetrics are delighted to announce the news that hundreds of credit providers have been anticipating, OpenBankVision is now officially available.
Having now been granted our FCA permissions as a Registered Account Information Service Provider we are officially launching the only OpenBanking service to credit providers which is free of charge.
Unlike any other provider in this space, LendingMetrics has been supplying bank transaction data to credit providers for the past 6 years via screen scraping technology and has used this extensive experience, comprising millions of transactions, to build a comprehensive and powerful proprietary categorisation algorithm. As an FCA authorised AISP we will now be utilising the direct APIs of the major UK banks and building societies to deliver a faster, stable and secure OpenBanking solution.
Credit providers can utilise OBV to augment their decisioning process with detailed and categorised bank transaction data on the applicant which in turn allows them to consider applicants with thin credit files and to confirm the salary of the applicant without the need to request income references or paper proof of income. The statement data can also be used to reveal undisclosed credit commitments, spiralling debt problems and even gambling issues. In short, OBV data can assist in approving applications which may otherwise have been declined whilst at the same time identifying potential problem (or even non-compliant) loans and thus preventing irresponsible lending.
Credit providers are set to see a huge saving in their credit search costs by utilising OBV!
Because it is free to use, OBV is set to become the “GO-TO” primary check on all applications. Firms can do a free OBV check first, in order to see if the applicant passes an initial qualification before money is spent on expensive credit searches. This feature will prove of particular benefit to those using automated decisioning and is likely to see thousands of pounds wiped off their CRA bills.
Users of the LendingMetrics Auto Decision Platform (ADP) will be able to benefit immediately due to the fact that OBV is already fully integrated.
Since our announcement in December that OBV would be free of charge, hundreds of firms have registered to use the platform and we therefore anticipate on-boarding lead times whilst we work through the list on a “first-come first-served” basis. Therefore, if you are intending to try this free service we strongly suggest that you register your interest here as soon as possible.
Finally, let us be absolutely clear about what we mean by “FREE”. OBV transaction data is being supplied on a “Free Forever” basis. This means that there are no usage limits when calling fresh transaction data, no trial periods and no introductory offers. OBV is available on contractual terms from 1 to 3 years and will be free for the entire duration of the contract. There is no catch and there are no hidden charges, just 90 days of full categorised bank transaction data for free. And for the avoidance of any doubt, we also will not use your customer’s data to market other products to them, or indeed for any purpose other than to supply and improve OBV.
LendingMetrics has a very clear mission to be
“A trusted partner that collaborates with our customers to bring innovative, secure and disruptively priced technology to market”
The model for OBV is further evidence that we are firmly on the side of our customers and we will do everything in our power to deliver compelling technology and data solutions on market leading terms.
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This post was also featured on the Credit-Connect website