Basiq adds External Liabilities to Affordability API

External Liabilities uncovers loans with buy-now-pay-laters and other alternative lenders so you can help customers manage debt and make repayments. Fintechs have done a great job of fostering financial inclusion for underbanked consumers. Whether it’s 0% interest, faster approvals, or flexible finance at point of checkout, the average consumer only needs to visit the app store for access to credit in minutes, the blogpost states.

As debt is increasingly unbundled outside of banks, so too is data on liabilities. To help companies get a complete picture of their customer's liabilities, Basiq added External payment sources to their Affordability API. This will surface repayments from a customer's everyday transactions, whether it's with payment providers or alternative lenders. Companies can use it to upgrade lending, personalise collections, help customers manage debt, and more.