UK-based TotallyMoney, which provides a credit scoring service, has selected fintech Bud as its Open Banking partner to address how the credit system works for the underserved.
In a blog post, Bud CEO Ed Maslaveckas wrote that TotallyMoney is using a solution that combines Bud’s ‘Connect’, ‘Intelligence’ and ‘Assess’ products, allowing TotallyMoney’s CRA data to work alongside Open Banking data to create a summary that can be passed onto its panel of lenders during an application.
The aim is to enable lenders to make “faster, more informed” eligibility and affordability assessments.
Alastair Douglas, CEO of TotallyMoney, said: “This is a true partnership, with both the team and the technology.
“By partnering with Bud, we’re really excited to help our customers’ data work for them, not against them – in an even better way than before.”
Maslaveckas added: “2021 saw the emergence of the first real ‘at-scale’ use cases for Open Banking. As the business case for Open Banking-powered affordability checks matured, more and more lenders took the opportunity to streamline processes and offer smoother onboarding experiences to their customers.
“Our partnership with TotallyMoney builds on these foundations to tackle the next barrier people face by creating an easy way for people to understand their eligibility for credit products.”
Hear what Bud’s Ed Maslaveckas had to say about partnerships on the Open Banking Expo Unplugged podcast.