New Open Banking platform to provide support for bridging lenders

07 Dec 2018

LendingMetrics has announced the launch of its new Open Banking platform OpenBankVision (OBV), which will provide consumer bank account data free of charge to bridging and other finance providers.

The platform will allow users to access 90 days of bank statements with no minimum or maximum cap on the number of requests.

Finance companies using the software will be able to conduct thousands of searches per month with no licence fee or other financial commitments.

Consumers can confirm consent for read-only access to their bank accounts via the app oohMoolah.

OBV will then be granted a token to interrogate accounts in real time, which will allow credit providers to re-access the real-time data.

The platform filters data with categorisation tools before it is passed to users, detecting salary payments, ongoing commitments and unusual activity so that quick affordability and creditworthiness assessments can be made.

Neil Williams, managing director at LendingMetrics, said: “We’ve spent two years developing and testing OBV, and are now finally ready to go live with what is a best-in-class platform.

“After speaking with credit providers – and based on our long experience in this area – we know that it is what the market has been waiting for.

“And – unlike other providers – we will not be charging hefty set-up or monthly fees.”

The free data offer is not time limited and is designed to increase the number of consumer accounts for which OBV has a token.

David Wylie, director at LendingMetrics, added: “We plan to grow our coverage dramatically as a result of this ‘free-for-ever’ approach.

“The more consumer bank accounts we have a token for, the more useful OBV will be to credit providers.

“If we already have a current token for a particular consumer, any consented credit provider can access read-only information via OBV without having to re-apply for permission.”

Source: Lending Metrics