ZOPA to use open banking to improve P2P lending

Monday 11 March 2019 13:43 CET | News

UK-based lender ZOPA has announced it is considering ways of using open banking to let its P2P investors access their wider portfolio in one place.

The platform, which already uses open banking for borrower income verification, said it is looking to use the technology to improve the experience of all its users. The lender said it was also testing a tool allowing borrowers to connect multiple different accounts in its mobile app.

Zopa officials said open banking – which launched in January 2018 – had got off to a slow start due to security concerns. However, the initiative is about opening up competition in the banking sector, and also about giving people better control over their financial data. Upcoming initiatives such as app-to-app authentication and the ability to initiate payments will improve the connecting experience and further accelerate consumer adoption, Zopa says.

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Keywords: Zopa, product upgrade, Open Banking, UK, Europe, P2P lending, borrower income verification, alternative lending
Countries: World