British consumer credit technology firm Equiniti Credit Services has teamed up with credit bureau Credit Kudos to improve the credit decisioning process.
Under the agreement, Equiniti Credit Services will use the open banking APIs of the credit bureau to develop credit affordability evaluation for banks.
The Credit Kudos solution will share bank transaction data and analysis to lenders.
As a result, the banks will be able to improve creditworthiness and affordability decisioning that will make the application process faster while boosting acceptance rates.
Credit Kudos CEO and co-founder Freddy Kelly said: “Through the Equiniti platform, these providers can now leverage our status as both a credit bureau and an AISP to incorporate open banking insights into their creditworthiness assessments.
“Ultimately, this new level of sophistication will give consumers access to credit products that are more accurately aligned to their personal circumstances.”
The partners will enable lenders to have a clear visibility into a customer’s financial status so that they can swiftly perceive the risk and prevent it.
Additionally, they will roll out an automated collection of an applicant’s digital statements, thereby doing away with the hassles of filing evidence of their financial history manually.
Equiniti Credit Services managing director Richard Carter said: “Our platform enables lenders to hardwire responsible practices into the lifecycle management of their credit products.
“Our partnership with Credit Kudos gives lenders early access to these insights, via a credit bureau that uses open banking to its full potential. By combining our strengths, we are offering a credible solution to lenders which take advantage of the latest advances in data and meets regulatory market requirements.”