Open Banking provider Yolt Technology Services (YTS) has formed a strategic partnership with UK credit card provider Keebo to deploy Open Banking data through the application of Account Information Services (AIS) into its business.
By selecting YTS, Keebo said it will be able to deliver “operational efficiency, enhanced simplicity and a better user experience” for its credit customers.
Through the partnership, Open Banking via API will be integrated from YTS into Keebo’s underwriting process to aggregate transaction and balance data from customers’ bank accounts, which should help speed up underwriters’ assessment of a customer’s credit history and financial behaviour.
YTS said that, with consent, credit applicants will be able to link their financial history quickly via the Keebo app, which allows the underwriter to obtain a real-time “snapshot” into a borrower’s financial health, and analyse spending habits, savings, and investments.
As a result, the sign-up process for customers will be faster and Keebo will no longer have to manually process unstructured data for underwriting and onboarding purposes.
Jack Tenwick, Head of Sales at YTS, said: “As the only provider of credit card approved by the FCA to use Open Banking, Keebo seamlessly integrates YTS technology, demonstrating our capability to help like-minded businesses maximise the potential of Open Banking technology.”
He added: “This partnership is all about maximising what Open Banking can do to deliver tangible benefits to Keebo’s business and the customers using their platform. Delivering bank-grade, stable and intuitive APIs with frictionless consent journeys for customers are core components of YTS’ offering, and our technology is leading the way in transforming the credit market, helping both businesses and customers alike.”
Keebo chief technology officer Matthew Hallett, said that the consumer credit market has traditionally relied on “outdated and biased” credit risk models that exclude people with no or limited credit history.
“We believe that credit shouldn’t be one size fits all and Open Banking data allows us to offer credit based on our customers’ unique financial situation and behaviour,” Hallett added.
Keebo, which is launching with Mastercard, was founded by CEO Michael Vanaselja and Hallett, who recently closed a £5 million seed equity round led by Breega, which backs Moneybox, and Connect Ventures, backers of Curve.
Listen back to Leon Muis, chief business officer at Yolt Technology Services, when he spoke to Open Banking Expo as part of the ‘Unplugged’ podcast series.