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22nd May 2018
Equifax works with HSBC UK on first live open banking credit application solution
HSBC UK has created the first live use case of open banking for credit applications using the InterConnect platform from Equifax. The solution will facilitate quick affordability assessments by allowing individuals to submit their bank transaction information electronically, in less than five minutes, during an application for credit.
Each submission is presented directly to HSBC UK Underwriting in real-time, providing the bank with a fast and informed view of a customer’s affordability and facilitating faster lending decisions.
The Equifax InterConnect platform is a flexible cloud-based decision management platform, which consolidates insight on credit applicants and streamlines the risk decision process. The Equifax platform collates consumer current account transaction information from its third party Fintech partners.
Jake Ranson, Banking and Financial Institution expert and CMO at Equifax Ltd, said: “This work with HSBC reflects our ongoing commitment to the open banking initiative and our drive to deliver to our banking and financial services clients the best solutions for their customers in this new world of open data.
“We’ve produced a next level data service that helps the industry make the most of new data sharing, and empowers customers with more control over their own financial information. Part of the open banking challenge is educating consumers on what it means in a real life context, and a streamlined credit application process that helps them get a faster decision is a great example.”