Following this announcement, the integration is expected to see Zopa Bank adding D•One to its roster of partners and collaborators that offer Open Banking connectivity and transaction categorisation intelligence. D•One will also initially focus on Zopa’s loan origination journey.
In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
With the use of credit cards, loans, and car finance in its lending portfolio, the collaboration is expected to enable Zopa Bank to more accurately assess clients’ income, and in turn their affordability. At the same time, the strategic deal will also support responsible lending, but it is expected to provide customers who have limited credit histories with the needed access to credit options they might otherwise have missed out on as well.
In addition, D•One will also provide Zopa Bank with the ability to integrate users’ spending data into mainstream lending. This data can also be leveraged to power smart decisions, with more accurate data leading to improved outcomes for credit applicants and lenders as well. D•One will also deliver Zopa Bank with income verification, affordability assessment, and risk insights. Open Banking is set to help assess narrower risk more fairly, which will represent a positive innovation for the overall credit market.
D•One will continue to provide its comprehensive suite of Open Banking connectivity in the region of the UK, while also allowing lenders such as Zopa to leverage these capabilities both on and off the ClearScore platform. D•One operates as a modern and fully cloud-based stack with micro-services architecture that is expected to provide improved speed, security, and reliability. Its Open Banking connection and categorisation solutions are also available to merchants and partners in order to support credit brokering and application procedures across the market. This process will deliver consistent functionality and decisioning services across all channels.
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