Plend, when compared to traditional loan providers, employs an approach that goes beyond credit scores to evaluate risk and affordability. As part of this partnership, Plend's loans will now be accessible through the ClearScore UK consumer marketplace. Additionally, Plend will leverage the ClearScore Group's open banking services arm, 'D•One', for comprehensive Open Banking connectivity and transaction categorisation intelligence.
Through D•One, Plend can utilise applicant transaction data via Open Banking to conduct a real-world assessment of affordability. This methodology not only supports responsible lending but also extends credit options to consumers with impaired or limited credit histories who might otherwise face limitations.
The ClearScore Group encompasses both the ClearScore data-driven online marketplace for financial services products and D•One, a growing Open Banking services provider. This combination of Open Banking technology and a consumer-facing financial services marketplace allows lenders, including Plend, to factor transaction data into their lending decisions, reaching a broad audience of financially engaged consumers.
In the official press release, representatives from the ClearScore Group expressed enthusiasm about the partnership with Plend, citing it as a fitting addition for their users. They also highlighted the growing trend of consumers embracing the potential of Open Banking and lenders recognising the importance of conducting fair and accurate assessments of a consumer's ability to repay credit. Lastly, they emphasised how ClearScore's scalable digital platform and proprietary datasets facilitate informed decision-making, enabling access to new credit lines that may otherwise be unavailable.
In turn, officials from Plend brought up their mission to provide affordable loans to a wider audience. They acknowledged the role of credit assessments powered by Open Banking in achieving this objective and expressed satisfaction in partnering with the ClearScore marketplace for its extensive reach and with D•One for its transaction categorisation intelligence.
D•One's Open Banking services comprise two products, namely 'ConnectionOne' and 'CategoryOne.'
The former offers Open Banking connections to over 50 financial institutions, facilitating the Open Banking sign-up and authorisation process.
The latter, 'CategoryOne,' is an advanced transaction categorisation engine that enables clients to classify and analyse bank account transactions. Developed over a decade and benefiting from categorising billions of transactions according to financialit.net, CategoryOne aims to provide lenders with greater confidence in decision-making, leading to improved outcomes for both lenders and borrowers.
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