Credit, Collections & Insolvency News
Clockwise Credit Union has announced an Open Banking partnership with TrueLayer, providing of bank account API’s, to improve access to finance for its members.
The innovative new partnership utilises the opportunities provided by Open Banking to allow Clockwise to access member bank account data in order to make more efficient and secure loan assessments. This enhances members’ experience by speeding up the loan process and ensuring that the credit union is lending responsibly in its underwriting process.
Clockwise reports that after two weeks of using True Layer’s technology almost 200 members have benefited from having the speed of loan decisions increased.
Teresa Manning, General Manager at Clockwise, said: “Speed and accuracy are crucial when making credit decisions and by using TrueLayer we will be able to significantly improve the service we provide to our members. As this is such a crucial factor for credit union members we are delighted with the success of the Open Banking partnership. With almost 80% of our members applying online for ease of access, efficiency and speed, the new Open Banking service will maximise and enhance this service further”
Francesco Simoneschi, of TrueLayer, said: “One of the major benefits of Open Banking and PSD2 is its potential to improve access to finance for the most in need members of our community. As Open Banking grows, more products and services will become available, providing more choice, lower prices and better access to everyone in society. This will be of huge significance to people who have been locked out of traditional financial services. “