This partnership will increase 118 118 Money’s ability to accurately assess the affordability of prospective borrowers and make data-driven decisions.
D•One provides a suite of Open Banking connectivity, with a deterministic categorisation model developed over 12 years and over 7 billion transactions categorised.
118 118 Money specialises in loans and credit cards for the underserved near-prime market, and it aims to receive Open Banking data from D•One to assess affordability for prospective borrowers, both on its site and via the ClearScore marketplace.
This process helps 118 118 Money make more informed decisions regarding borrowers and enables broader access to affordable loans while reducing credit risk. It also enhances the company’s affordability and creditworthiness strategies, aiming to promote financial inclusion and provide fair and accessible credit.
D•One aims to help lenders make affordability assessments in milli-seconds, resulting in a fairer assessment of borrower risk and a smoother process for customers.
Investment firms rely on accurate and rapid financial data to make investment decisions and offer tailored products to their customers. Open Banking allows them to access this data in real time and improve productivity.
Open Banking is also used to improve the investment process, making it easier and convenient for customers to invest by linking their bank accounts directly to the platform. This eliminates the need to manually enter financial information, saving time and energy.
Additionally, Open Banking helps investment platforms comply with regulatory requirements, such as KYC and AML regulations. By accessing customer financial data, investment platforms can verify the customer's identity and ensure that the source of funds is legitimate.
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