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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Article: Open Banking – Progress in Past and Future

Money, Open Governance

Open Banking – Progress in Past and Future

The COVID-19 pandemic affected performance in most sectors in 2020, but crucially it did not hinder innovation in financial services. Indeed, many providers have invested to gain a competitive edge in the post-COVID world, making the sector a rare example of progress in 2020.

Open banking already had impressive momentum before the pandemic, doubling the number of users in the UK to reach one million in the preceding six months – but since then it has flourished and now exceeds the three million mark.

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