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Equifax, Castlight, Oakbrook Finance to develop open banking products

Friday 19 May 2017 | 11:36 AM CET

Equifax, a credit reporting agency, and Castlight, a financial capability platform, have teamed up with Oakbrook Finance to develop open banking products.

The collaboration aims to develop banking products that will collect and analyze bank transaction data. Greater access to real-time and historic account and transaction information will allow lenders to make efficient lending decisions and will reduce friction in the customer application process.

The open banking initiative will make bank account and transaction data an important factor in the lending decision process and will improve access to finances for people with poor or flat credit files.

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