Top Open Banking News Stories Brought to you by Pay iO

UK-based Oakbrook Finance has partnered with ClearScore and AccountScore to become the first company to make a lending decision based on a third-party aggregator. The customer journey when making an application through Likely Loans is now smoother and also includes pre-approved offers based on tan individual’s profile. The partnership is another step in Oakbrook Finance’s open banking plans, having already invested heavily in both technology and teams. 

Experian, the credit ratings company, will use open banking to take into account subscriptions when calculating an individual’s credit scores in the UK. By including regular payments made to Netflix, Amazon and Spotify, a person’s credit score will be improved. The service is called Experian Boost and is already active in the US. Experian expect 17m people to benefit if they opt-in to the service which is free-of-charge.

Credit Strategy has announced the launch of part two of its survey: The first age of open banking – living up to its promise? It will look at how successful open banking has been up until now with a number of factors being taken into consideration. The survey will see how far lenders have come with implementing open banking technology for the assessment of loan, credit card and mortgage applications, as well as seeing how creditors are using the technology for risk mitigation amid the pandemic.

The open banking powered payments platform Token has teamed up with Contis which will enable Token’s customers to process pay-outs and refunds using well-known payment networks such as Faster Payments, SEPA and SEPA Instant. As well as benefiting Token’s merchant, digital wallet and payment service provider customers, the partnership will also give Contis’ corporate clients access to open banking. 

Customers of the main four banks in Australia can now share data related to their home loans and mortgages with accredited third parties as part of the Consumer Data Right legislation. Customers of Commonwealth Bank of Australia, Westpac Banking Corporation, Australian and New Zealand Banking Group and National Australia Bank will be able to share other data if they choose to as well, opening up the type of services available to them from third-party companies. 

T Stamp, which offers authentication powered by artificial intelligence has partnered with open banking company DirectID to launch a bank and document authentication product using facial biometrics. The goal is to help individuals with a limited credit history access financial solutions they wouldn’t normally be able to.