Bridging Finance Solutions (BFS) has launched Open Banking as part of what it says is its “ongoing commitment” to streamlining processes, reducing administration and improving client experience.
Open Banking will ultimately allows BFS to access a client’s financial data, with full permission, using a secure and safe approach under a government led drive to improve efficiency within the financial sector.
Rachel Davis (pictured), head of underwriting at BFS, said: “Open Banking ultimately negates the need for traditional hard documentation and provides real time access to a client’s financial accounts whilst allowing access to the past 90 days transactions, which form an integral part of the due diligence process.
“The platform allows us to identify incomings and expenditure, examine credit rating and consider affordability, allowing us to make decisions within minutes.”
BFS has chosen Perfect Data Solutions Ltd (PDS) as its Open Banking partner, a provider which forms part of the government-backed Open Banking Scheme.
Davis added: “There is a lot of administration associated with any type of lending, however, time is often a key factor when bridging. Open Banking allows us to speed up this area of the application process in a safe and secure way.”