Following this announcement, D•One, the Open Banking services business from The ClearScore Group, is set to provide Salad Money with the possibility to use customers’ transaction data in order to make an improved assessment of their eligibility for loans. In addition, D•One will offer Salad Money comprehensive and specialised Open Banking connectivity and payment categorisation intelligence.
Salad Money will be enabled to further optimise its real-world assessment of affordability, both in terms of accuracy and speed. This is expected to support responsible and secure lending, as well as to deliver customers who have impaired or limited credit histories the possibility to access credit options they might otherwise have missed out on.
D•One will also provide Salad Money with its digital platform and proprietary credit decision-making tool in order to accelerate clients’ bank data into mainstream lending while focusing on opening up new lines of credit as well.
UK-based financial services marketplace ClearScore Group had multiple collaborations and developments in the last couple of months, covering several different geographic areas around the world.
In November 2023, the marketplace announced its partnership with alternative lender Plend in order to optimise Open Banking-powered loans. Following this strategic deal, Plend’s loans were expected to be available through the ClearScore UK customer marketplace. In addition, Pled was enabled to use the ClearScore Group’s Open Banking tools arm, the D•One, in order to benefit from comprehensive Open Banking connectivity and transaction categorisation intelligence.
Through D•One, Plend could utilise applicant transaction data through Open Banking to conduct a real-world assessment of affordability. This was aimed not only at improving and delivering responsible lending but also at extending credit options to clients with impaired or limited credit histories who would have otherwise faced limitations.
Earlier in May 2023, UK-based D•One announced its partnership with the provider of customer credit NewDay in order to deliver Open Banking services in a secure and efficient manner. D•One was set to provide its financial collaborator with the ability to integrate customers’ spending data into mainstream lending while focusing on meeting the needs, preferences, and demands of its clients at the same time.
According to the press release, D•One was expected to provide NewDay with comprehensive and specialised Open Banking connectivity and transaction categorisation intelligence in order to allow the firm to deliver potential and existing customers the option to share their transaction data for a real-world assessment of affordability.
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