Experian to supply Open Banking solutions for ethical banking platform incuto

07 Nov 2019

Fin-tech provider incuto will use Experian’s Open Banking solution to support its work in the ethical banking sector.

The new partnership will see incuto use Experian’s Open Banking Platform to provide new solutions and products for its credit union and community bank clients, which help people access affordable mainstream credit.

incuto will use the platform to help clients evaluate credit applications, with transaction data used to gain a more accurate insight into a customer’s circumstances and their affordability for borrowing.

The platform will also be used for a new credit union web app, which will be released in March 2020. Customers who consent will be able to see their transactional data within the app, which helps them manage their finances and budget more effectively.

Lisa Fretwell, Managing Director of Data Services at Experian, said: “Credit unions and community banks play an important role in helping people access affordable financial services.

“It’s vital that lenders are able to make an accurate assessment of someone’s affordability, and this is especially important for credit unions because customers may have encountered financial difficulty before.

“Open Banking solutions, based on transaction data, offer a more complete picture and our partnership with incuto will help customers get access to the mainstream services they need.”

Experian’s Open Data platform underpinned more than 25 million of the API requests in July – more than 30% of the total made in the UK overall. It is already powering a number of financial apps, including one for a major high street bank. 

A banking technology platform, incuto helps credit unions and community banks modernise and transform their digital legacy services to help them compete with more established banks and better serve their customers.

Andrew Rabbitt, CEO, incuto, said: “Open Banking benefits both our community banking partners and their members.

For the latter it promotes financial inclusivity and education, allowing them to better understand and improve their credit history, and credit unions can speed up decision making in order to be more competitive.

“We’re delighted to partner with Experian and level the playing field for credit unions and community-based banks.”

Experian is currently in the build phase of the products, with incuto planning on launching the services early in 2020.