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YOLT TECHNOLOGY SERVICES (YTS) AND KEEBO ANNOUNCE STRATEGIC PARTNERSHIP TO DEPLOY NEXT GENERATION OF CREDIT CARD MANAGEMENT

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Yolt Technology Services (YTS), one of Europe’s leading open banking providers, has been chosen by Keebo, a new generation UK credit card provider, to deploy Open Banking data through the application of Account Information Services (AIS) into its business, delivering operational efficiency, enhanced simplicity and a better user experience for credit customers.

The rapid integration of robust open banking via API from YTS into Keebo’s underwriting process aggregates normalised and categorised transaction and balance data from customers’ bank accounts, which helps underwriters assess customers’ credit history and financial behaviour very quickly. With consent, credit applicants can link their financial history quickly and easily through the Keebo app, which allows the underwriter to obtain a real-time snapshot into a borrower’s financial health, and analyse spending habits, savings, and investments. This enables faster customer sign up and removes the need for Keebo to manually process unstructured data for underwriting and onboarding purposes, which significantly reduces time and resource and enables them to provide credit quickly and with lower risk.

The Open Banking technology also plays a vital role in providing customers with access to credit and financial inclusion. Through customer consent via YTS’ API, Keebo can access their customers’ financial data to ensure credit provided is affordable according to their circumstances. The process guarantees greater transparency, control and security for customers and ultimately helps them build a financial profile, improve their credit scores and achieve their financial objectives.

 

Jack Tenwick, Head of Sales at YTS, said: “We’re thrilled Keebo has chosen YTS as a strategic partner to support its open finance proposition. As the only provider of credit card approved by the FCA to use open banking, KEEBO seamlessly integrates YTS technology, demonstrating our capability to help like-minded businesses maximise the potential of open banking technology. We believe Keebo is a perfect example of Open Banking’s transformative impact on business efficiency, cost reduction and the front-end user experience, as well as improving financial inclusion.

“This partnership is all about maximising what open banking can do to deliver tangible benefits to Keebo’s business and the customers using their platform. Delivering bank-grade, stable and intuitive APIs with frictionless consent journeys for customers are core components of YTS’ offering, and our technology is leading the way in transforming the credit market, helping both businesses and customers alike.” 

 

Matthew Hallett, Chief Technology Officer of Keebo, commented: “The consumer credit market has traditionally relied on outdated and biased credit risk models that exclude people with no or limited credit history. We believe that credit shouldn’t be one size fits all and open banking data allows us to offer credit based on our customers’ unique financial situation and behaviour.

“YTS have extensive API coverage and offer a simple, fully functional sandbox enabling super quick development thus reducing our time-to-market.”

 

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EXPERIAN LAUNCHES VERIFICATION SERVICE TO SUPPORT FASTER, MORE ACCURATE LENDING DECISIONS

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Work Report™ is the UK’s first service that automates the digital sharing of payroll information on behalf of the consumer

1 in 3 employees set to benefit through partnerships with Salary Finance and Sage

Consumers in the UK will be able to get access to better financial products and services, as Experian launches a new service to help lenders provide even faster, more accurate and bespoke lending decisions.

Work Report™ is the first digital verification service that will allow consumers to consent to digitally share their payroll information with another organisation. It provides connectivity to an employer’s payroll data to provide direct confirmation of a consumer’s gross and net income, as well as their employment status and tenure, in a matter of seconds.

For example, for lenders, the solution can be used as part of their affordability and credit checks when a new customer applies for financial products and services. It helps to provide a faster, more accurate, lending decision, reduce credit risk and create a better overall digital experience.

Work Report™ is part of a suite of configurable verification services provided by Experian that enables a consumer to confirm their identity and consent to share verified credit information, income, and expenditure in a single data exchange.

Additional to Work Report™, as part of the suite, the services include an Employer Search Engine powered by the UK’s first National Employer Database (NED), a single source of verified employer names, covering 99% of all UK employees. This can be used to accurately capture and standardise relevant data and enables verified employment information to be collected to inform a credit decision.

Employers who want to check the previous employment history of a new employee, with consent can also use the solution, as well as those wanting to automate sharing of payroll information to reduce cost and help employees access workplace benefits and services.

 

Paul Speirs, Managing Director of Digital Consumer Information at Experian, said: “There is an on-going requirement for people to share their personal financial information to access services – whether that’s applying for a mortgage, a new job or renting a new property. Work Report™ enables people to share their payroll data quickly, conveniently, and securely with their consent. It helps them to get access to better value services and proactively manage their financial lives. We’re excited to be playing such a significant role in moving these processes into the digital age.”

New Experian research shows that 97% of people asked to share their payroll data in the last three years did so. It also identified a healthy appetite to share payroll data with 72% happy to share data in a mortgage application and over 40% in other types of loans. Three out of four consumers willingly share their data where the value exchange and incentive to share is clear.

Younger people are more likely to give consent for direct access to their payroll data with 45% of 18-24-year-olds saying they would, compared to 37% of people aged 45-54. This trend has increased through the pandemic as lenders have invested in their digital services and consumers move online to source financial products, rather than talking to a representative, or entering a branch.

The service is produced in partnership with global Fintech platform Salary Finance https://www.salaryfinance.com/uk/ and recently onboarded payroll software provider, Sage. Work Report will give the opportunity for 1 in 3 (over 10 million) employees to share their employment details.

 

Asesh Sarkar, Co-founder and Global CEO at Salary Finance, said: “Salary Finance is working with Experian to create a unique network that will provide direct connectivity – with a consumer’s consent – to their employer’s payroll system to confirm their gross and net income directly from their employer, as well as confirming their employer and length of employment. This makes the sharing of payroll data quicker, safer, and more secure and has the power to enhance lending decisions and improve financial inclusion. The network is growing rapidly, and we expect it to reach 2 in 3 UK consumers by December 2021.”

 

Aaron Harris, Chief Technical Officer at Sage, said: “Our mission at Sage is to build experiences that connect, remove friction, and deliver insights to the organisations that make up our network. Sage software pays around 25% of employees in the UK. Removing friction between employees and service providers will provide the lender with verified, accurate, payroll information when offering items such as tenancy agreements, mortgages, loans, and other financial products and services, and the employee with a digital proof of employment. This will enable access to credit, in a new, frictionless faster way generating value to both parties as a trusted payroll provider.

“This is an example of the way technology can deliver value and knock down barriers, allowing individuals to harness the power of their data. At the centre of this service are our customers, who always remain in control of their data, deriving value from being part of Sage’s digital network.”

The launch of Work Report™ takes Experian’s verification services beyond Open Banking connectivity with the ability to now connect to payroll providers directly helping more organisations provide faster, more accurate and bespoke decisions online.

It signals Experian’s commitment to support the UK government’s Open Finance initiative which will enable consumers to take control of their personal financial information, share verified data with third parties and get quicker access to better value financial services.

 

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TENUREX AND ELUCIDATE PARTNER TO INCREASE FINANCIAL INCLUSION WORLDWIDE

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TenureX and Elucidate have announced a strategic partnership with a mission to increase financial inclusion worldwide and tackle the laborious and outdated approach taken by correspondent banks when onboarding respondent banks and managing the periodic review process of counterparties.

Both companies share the vision that everyone in emerging markets deserves the right to participate in global financial markets. To date, small and medium sized banks in emerging and frontier markets have been denied the ability to engage and create corresponding banking relationships which are the basis of fast, cost-effective payments across borders, often being inappropriately branded and de-risked solely based on their location or lack of scale.

Making use of the vast amounts of under-utilised data available, TenureX and Elucidate will together help small and medium-sized banks demonstrate their financial crime risk management capabilities, quickly access new payment methods and establish better, long-lasting correspondent banking relationships. These benefits ultimately result in a stronger and more transparent network, reducing friction and making the market work better as a whole.

Izhar Arieli, CEO of TenureX, stated: “We continue to focus on our mission to allow banks to de-risk a transaction and not to de-risk a partner. With our partnership with Elucidate, TenureX is adding to its offering a reputable regulated benchmark. Now, TenureX’s reflect the best in class enhanced due diligence report on a respondent bank, created in unpresented speed and quality. This partnership is synergetic for both companies, enabling fast growth, effective scale, and high quality services.“ 

Elucidate adds unrivalled value through a data-driven, standardised approach to identifying and addressing money laundering, bribery, corruption and other financial crime risks, and will demonstrate that banks on boarded by TenureX have consistently proven their ability to control risk, providing evidence of this control via an independent benchmark.

Shane Riedel, CEO and co-founder of Elucidate, stated: “This partnership between TenureX and Elucidate will enable people and institutions in emerging markets to access better, faster and more cost-effective payments and finance. This is the real value that our innovative approaches can bring to the market.” 

 

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