TransUnion (formerly Callcredit), the global risk and information solutions provider, has launched an Open Banking early adopter programme after receiving permission to operate as an Account Information Services Provider (AISP) from the Financial Conduct Authority (FCA).

Following extensive testing and consultation with a range of clients across a number of industry sectors, TransUnion Open Banking offers an end-to-end Open Banking service, specifically designed to assess income and expenditure, affordability and creditworthiness. The new service combines all of the elements required for clients to access and utilise the UK’s new Open Banking initiative, and provides consumers with a trusted route to realise the power of their own financial data.

Will North, core credit director for TransUnion said “We’ve developed a service that can be easily deployed across any existing infrastructure, whereby clients can select the elements they require with minimal need for integration.”

“There has been a lot of noise about Open Banking but many in the market have been left wondering what to do, either unable to make the necessary investment needed for an in-house solution or unsure of what benefits it can truly bring. One of these benefits for businesses is enhanced data and insight, so this is more relevant than ever in light of the FCA’s new rules on affordability assessments, which came into effect on 1st November 2018.

“We’ve already tested a number of use cases with multiple businesses, including leading financial services providers, and are now launching an early adopter programme which means clients and their customers can benefit almost immediately.”

David Firth, head of product for TransUnion Open Banking, adds: “A smooth customer journey that fully informs consumers of their rights and what the data will be used for is essential. Equally, once the data has been provided it is imperative it is used for the benefit of the customer, and that starts with accurately categorising and analysing the information received.”

“Open Banking isn’t just about gaining consent, it’s about helping both the client and consumer benefit from more informed decisions and tailored services and products. There’s a lot of anticipation, given the power of the data which Open Banking unlocks, and we’re confident we can deliver on this vision and help make it a success.”