Article: New open banking tool promises to ‘revolutionize’ affordability tests

Money, Open Governance

New open banking tool promises to ‘revolutionize’ affordability tests

The solution, which is powered by Yolt’s account information services (AIS), comes at a time of unprecedented demand for credit due to uncertain economic conditions and the increased risk exposure brought on by pandemic.

Based on open banking technology, the tool is able to give both a real time, and historic indication of affordability, based on transactional data – presenting a unique solution to those businesses which  may have experienced fluctuating sales and revenue due to the impact of Covid-19 and therefore not deemed eligible for various forms of credit.

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