Basiq adds External Liabilities to Affordability API

Thursday 25 February 2021 12:35 CET | News

Open Banking platform Basiq has added External payment sources to their Affordability API, according to a blogpost of the company.

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.

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Keywords: Basiq, Open Banking, API, BNPL, banks
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech

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