Open Banking specialist, Yolt Technology Services (YTS), has widened the applicability of its Account Information Services (AIS) to provide improved insights for UK mortgage lenders.
AIS facilitates the secure transmission of an individual’s transactional data across to a regulated lender, with that individual’s permission.
Citing 96% accuracy in the categorisation of an individual’s spending transactions and income, and with bank-grade data security built-in, the enhanced data insights of YTS’ AIS will support mortgage lenders to make faster, better decisions on credit-worthiness and affordability, as well as aiding in the process of customer identification.
Mortgage lenders will be able to use Account Information Services to verify the homebuyer’s income and speed up confirmation of the homebuyer’s identity.
In addition, it says that lenders will be able to streamline the onboarding of new business and make better credit decisions.
YTS operates across Europe and sees in excess of 26 million API calls every single week – equivalent to c.20% of all API calls in the market.
Leon Muis, chief business officer, Yolt Technology Services, said: “The power of open banking technology has enabled consumers to regain control of their personal finances, better manage their spending, improve their saving habits and ensure they have access to the best rates for financial products.
“We have been supporting some of Europe’s largest financial institutions and fastest-growing technology businesses with AIS and other open banking services (data enrichment and payment initiation services) from day one. Today we hope to build on these benefits, in collaboration with mortgage lenders, to ensure the process of buying a home is as smooth, swift and secure as possible – for both the buyer and the lender.
“Our services will enable regulated lenders to make faster decisions on mortgage applications, whilst also providing them with the security of a deeper, more up to date data set which can be used for both identification and affordability purposes.
“Our ambition is to improve the homebuying process for consumers and lender alike.”