The fintech platform provides access and insights into financial data that it says enables organisations to take advantage of open banking via a consent-driven model that can obtain customer consent at the point of data collection. Basiq also provides a range of services that make it easier to draw insights from banking data, such as determining individuals income and expenses as well as the ability to detail an individual’s full financial health in one report.
Basiq started off with a focus on providing access to financial data from over 60 institutions. This data is used by developers and financial institutions leverage in their financial products and services for end customers. Its customers include include Ubank and credit bureau Equifax.
Once the open banking APIs become available in February 2020, the platform will be able to draw on more data. The company says its focus will shift from providing access to financial data to being able to obtain the best customer insights across an aggregated view of all their accounts.
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