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 is changing how the world operates

Money, Open Governance, Open Source

Open banking is changing how the world operates

Open banking has revolutionized the finance industry for everyone. While the focus is often on benefit to consumers, the changing regulations present new market opportunities for banks and other financial institutions as well. They also empower a raft of challengers and new entrants who are looking to disrupt traditional business models.

Yolt Technology Services (YTS) has been at the heart of the open banking revolution from the start, playing an active role in shaping the open banking ecosystem across Europe. YTS was the first to integrate open banking APIs from all of the CMA9 banks and the first to make an API call in January 2018. Since then, they’ve completed close to 900 million API calls.

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