Experian is handling more than 20 million Open Banking data sharing requests a month as the initiative grows.
The firm’s open data platform processed 40 per cent of the UK’s 49.1 million API (Application Programming Interface) requests made in April, figures from the Open Banking Implementation Entity (OBIE) reveal. The number of API requests in the UK has more than doubled since February.
Experian expects even further growth and said its May figures will show it handled about 25 per cent more API requests month-on-month.
The company said its technology has allowed credit card and auto finance providers, rental property agencies, mortgage lenders and gaming companies to better assess whether services are affordable for their customers.
In the future, Experian expects Open Banking data to be used alongside an applicant’s credit history to offer lenders a positive view of an applicant’s income and expenditure as part of their financial track record.
“The statistics show more people are using Open Banking services as part of their everyday lives, but this is just the start,” said Lisa Fretwell, managing director of data services at Experian.
“We’re making significant investments in open data technology, so people can use their information to access improved services which are tailored to their needs. It’s these enhanced capabilities, combining consumer contributed data with other sources, such as the credit bureau – which will allow companies to interact with people in new and more meaningful ways.”
Imran Gulamhuseinwala OBE, trustee of the OBIE, added: “Helping people and businesses to understand the value of their data and realise the benefits is instrumental in really driving Open Banking to become more commonplace, ultimately delivering better and quicker outcomes for how people can move, manage and make more of their money.”
- Truelayer offers free access to coronavirus helpers
- Industry comes together to create COVID-19 income checker for self-employed
- Moneybox app announces Open Banking merger with Santander
- Starling Bank to offer mobile phone insurance in new partnership
- New coronavirus fintech taskforce offers their support to SMEs