European Open Banking provider Yolt’s recently launched ‘Cashflow Analyser’ will be added to Creditsafe’s business information platform for business and credit professionals as the result of a new partnership.
Global business intelligence provider Creditsafe will use Cashflow Analyser, which is powered by Open Banking, to offer its clients access to a customer’s cashflow data, thereby delivering real-time affordability data for use by creditors and business lenders.
Nicolas Weng Kan, CEO of Yolt, said: “In the lending market alone, we calculate that our technology can reduce processing times on borrowing applications by 85%, saving lenders up to 18,000 hours per year.”
“Our partnership with Creditsafe enables them to add a valuable, reliable, and accurate data source to help their clients optimise their risk profile assessments,” added Weng Kan. “And we look forward to helping more businesses in the UK and across Europe benefit from Open Banking.”
Cashflow Analyser was launched by Yolt in 2021 and is offered as a white label product to lenders, leasing services and business intelligence providers.
Chris Long, head of global partnerships at Creditsafe, said the availability of Open Banking data has been a “positive move” for the industry, “driving confidence and maintaining the availability of credit lending through these highly volatile and uncertain times”.
“Our partnership with Yolt means we can seamlessly integrate this data into our existing solutions, delivering valuable new insight whilst maintaining streamlined credit decision processes.”
Earlier this month, Yolt collaborated with European SME lending platform October to improve the credit assessment process for SMEs.