Skipton to use Experian open banking for mortgage applications

Thursday 10 October 2019 10:56 CET | News

UK-based Skipton Building Society has adopted Experian’s Open Banking technology so that applicants can cut down the time taken to go through the paperwork cycle.

According to Experian research, people were more willing to share their data when they could see a clear benefit. It said its work with Skipton was an example of how trusted data and insights could allow lenders to make fairer decisions for the people they lend to.

The service uses ‘Trusso’ which can categorise the transactions on a bank statement in under a second. Once the information has been shared with Skipton, its staff will be presented the categorised transaction data in a dashboard which shows the applicant’s income and outgoings. They can then make an informed decision using data from a trusted source as to whether a mortgage would be affordable for the applicant.

Experian’s Open Data Platform underpins more than 25 million of the API requests each month, and more than 30% of the number made in the UK overall, according to figures from the Open Banking Implementation Entity (OBIE).

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Skipton, Skipton Building Society, Experian , mortgage application, Open Banking, open banking platform, UK, Europe, paperwork cycle, Open Banking Implementation Entity, OBIE
Countries: World