Equifax has acquired AccountScore bringing together credit scoring with real-time transactional data powered by open banking. Customers will be able to prove their credit status by allowing Equifax access to more information than would normally be available. This is part of a wider trend towards open finance that will include other products such as insurance and pensions.
Denmark-based Bankdata, has partnered with the Nordic API Gateway to provide open banking services to its nine member banks which cover 1.7 million customers. All banks who are a member of Bankdata will have access to these products. Consumers will be able to get a financial overview of all their accounts from different banks in one place.
Bud is working with challenger bank Dozens to help consumers get the most out of their finances. Future customers can try the app without signing up in full, adding their accounts from multiple banks and utilising its budgeting features. If they decide to sign up, the process is expedited. Dozens offers current accounts as well as investment products.
Tink has joined the Temenos MarketPlace. Tink’s open banking platform is connected to over 3,400 banks across Europe covering more than 250 million customers. The partnership will allow Temenos’ clients to give their banking customers a detailed overview of their accounts and transactions. Banks will be able to access analytics which help them provide better, personalised products to their clients.
Yolt Technology Services (YTS) is now offering its services to mortgage providers. With an individual’s consent, it will send secure transaction data to regulated lenders who will then be able to assess their credit score and financial status much faster and more efficiently. Identity verification processes will also be expedited.
Pay iO’s articles do not constitute financial advice and are for information only. Your Weekly Round-Up of Open Banking News