Decisioning software specialist LendingMetrics is set to launch a new Open Banking service in 2018. The “Open Bank Vision” campaign will launch in early 2018 as a free service.
There will be zero setup fees, transaction fees, account fees, or indeed fees of any nature. The company has also emphasised that this is not an introductory offer, it is a long-term commitment and is not conditional upon the purchase of other paid services.
David Wylie Sales & Marketing Director at LendingMetrics said “We recognise this will be a surprise to many and they will be asking “what’s the catch?” but there isn’t one. We Firmly believe that our model allows us to deliver real -time and up to the second Open Banking transaction data and categorisation services free of charge. We offer a number of other paid services, but there will be no obligation whatsoever to use those.”
The company is currently authorised by the Financial Conduct Authority as a Credit Reference Agency and aims to have AISP permissions from the FCA early in 2018.