Denmark-based buy now, pay later provider Anyday has partnered with Latvian Open Banking platform Nordigen to improve the loan decision-making process.
Anyday will use Nordigen’s premium lending categorisation tool to perform detailed credit checks and approve customers “in seconds”.
The Danish company describes itself as a “financing solution” that removes the interest rates and additional charges that are features of other BNPL offerings and instead works with merchants that take on the fees for the benefit of consumers.
Luke Golden, product owner at Anyday, said: “Anyday’s mission is to provide fair and transparent financing to all shoppers. In order to accomplish this, we knew we needed to partner with a provider that can help us gain deep insight into a shopper’s personal economy in order to provide a healthy credit offering.
“With that, Nordigen was a clear choice. Our communication and collaboration were rock solid from the start and Nordigen’s APIs were seamless to integrate.”
Nordigen, which is regulated by The Financial and Capital Market Commission of Latvia, provides free access to Open Banking data.
Its free API connects to more than 2,100 banks in Europe and serves fintech companies and developers in 31 European countries.
Rolands Mesters, co-founder and CEO of Nordigen, added: “Anyday has created a financing tool for the people and we are delighted to be collaborating with them to enhance their credit check process.
“Open Banking has created many opportunities for good, with transaction data sharing and creating better, more simplified processes to benefit the user and our premium categorisation tool helps take this one step further with more organised and clear data analysis.”
In October 2021, the UK Government launched a consultation on the scope of future regulation of the BNPL sector. The consultation was due to close on 6 January 2022.