London-based adviser LDNfinance has announced that is set to start using a new Open Banking platform to process loan applications.

The mortgage specialist has opted for LendingMetrics’ OpenBankVision, giving it real-time access to applicants’ bank statements and transaction details.

Director of LendingMetrics, David Wylie, said “We’ve spent two years developing and testing OpenBankVision and know that LDNfinance will benefit massively from it. No more chasing customers for paper proofs, and automated decisioning in seconds. Also, unlike other providers, we will not be charging set-up or monthly fees.” 

Anthony Rose, director at LDNfinance, stated that this could be a turning point in the way the mortgage industry handles client information. “The implementation of Open Banking into our business operations will allow processes for the client to be simplified and accelerated, whilst reducing the administration burden for advisers. Implementing this customercentric mindset will help us free the adviser’s time to focus on providing value back to the customer.”