New Zealand’s ANZ NZ has tapped British fintech Bud to enhance the loan approval process for corporate customers.

Under the agreement, the bank will use Bud’s open banking technology to classify data from prospective borrowers’ bank statements in a bid to improve lending transparency.

The development follows New Zealand’s new regulation requiring banks to improve their affordability checks on borrowers including their income and expenses.

The bank will leverage Bud’s technology to enrich statement data uploaded by borrowers, classify income and expenses, and return summaries to the bank for affordable valuations. The move kicks off Bud’s strategic push in Australia and New Zealand.

Bud CEO Ed Maslaveckas said: “We’ve seen Open Banking start to have a significant impact on the credit market in the UK.

“We’ve invested heavily in our intelligence capabilities over the last year, developing the granularity and accuracy that institutions need to shape these journeys and developing tools that allow us to quickly port that performance level to new markets.”

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ANZ was one of the backers of Bud’s Series A funding round in February 2019.

The fintech raised $20m through the round, which was co-led by Goldman Sachs and HSBC. It also involved the participation of Investec, Banco Sabadell, 9Yards Capital, and former Man Group CEO Lord Fink.

Last month, UK challenger banking app Dozens signed an open banking partnership with Bud to offer prospective clients easy access to some of its services without completing a full KYC.

ANZ NZ chief information officer Mike Bullock said: “Bud’s expertise with open banking technology in the UK market will benefit customers in New Zealand by streamlining lending processes and increasing transparency.”