The OpenBankVision platform enables lenders to access up to 90 days of a loan applicant’s bank statements free of charge, removing the need to request income references or paper proof of income. The platform goes live on 7 December 2018.
Companies using the software will be able to conduct thousands of searches per month, despite paying no license fee, or making any other financial commitment. Consumers need to confirm consent for read-only access to their bank accounts through an app called oohMoolah, which then gives OpenBankVision a token to interrogate accounts in real time. The token expires after 30 days.
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