Atom bank, Credit Kudos to support small businesses

Friday 5 March 2021 14:48 CET | News

Atom bank has partnered with fintech Credit Kudos with an aim to boost its open data capabilities for business loan affordability assessments and to deliver GBP 1 billion in lending by 2023, according to IBS intelligence.

Atom bank will be using Credit Kudos’ categorisation and risk insights to automate underwriting assessments, enabling real-time decisions and improving the customer experience compared to traditional paper-based processes.

The collaboration will allow it to immediately verify income and credit repayment affordability for small businesses. The partnership initially focuses on secured small business lending with plans to expand this to unsecured business lending and to support its residential mortgage lending by the end of 2021.

Recently, Atom bank announced a collaboration with Open Finance platform Plaid in a bid to power the launch of Open Banking services to its customers along with a streamlined loan application journey and faster decision making. The collaboration will enable Plaid’s customers to share their banking data securely with Atom.

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Keywords: Open Banking, fintech, Open Data Economy
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech

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