LendInvest has selected credit reference fintech Credit Kudos to improve its lending decisions by leveraging Open Banking enabled insights for credit assessment.

Founded in 2008, LendInvest is a property finance platform that enables property professionals to access commercial property finance.

Credit Kudos claims that its Open Banking-enabled risk insights will enable LendInvest to accelerate its time-to-decision.

To provide a complete view of an individual or business’ current financial situation, Credit Kudos uses open banking data on both bank transactions and loan outcomes.

Credit Kudos added that its technologies eliminate the need to manually upload documents, thereby enabling lenders to automate the underwriting assessment process.

It is being claimed that LendInvest has already witnessed a 50% decrease in assessment times since adopting the technology in February.

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LendInvest COO Arman Tahmassebi said: “Getting rid of the manual documentation process has allowed us to offer a far faster and more convenient service.

“Although we have been using Open Banking for two years, this new partnership with a like-minded fintech has allowed us to take it to the next level and really reap the benefits of the technology.”

The technology of Credit Kudos is completely integrated within LendInvest’s application process for buy-to-let mortgages.

It will soon be launched and integrated within additional services.

Credit Kudos founder and CEO Freddy Kelly added: “Open Banking technology is transformative for lenders who want to make smarter and faster decisions to better serve their customers. With our technology in place, lenders can automate the underwriting process and get a far more accurate picture of an applicant’s true financial position.

“It not only helps them lend responsibly but also opens up their service to underserved customers who may not have traditional income patterns, such as sole traders.”

Earlier this year, JPMorgan Chase invested £500m ($686m) in the mortgage lending business of LendInvest.