LendingMetrics has announced a new free open banking service. The company has been granted FCA permissions as a Registered Account Information Service Provider and have now officially launched the only OpenBanking service to credit providers which is free of charge.

As an FCA authorised AISP the company will now be utilising the direct APIs of the major UK banks and building societies to deliver a faster, stable and secure OpenBanking solution.

The new service titled Open Banking Vision will be used by creditors to augment their decision process with detailed and categorised bank transaction data on the applicant which in turn allows them to consider applicants with thin credit files and to confirm the salary of the applicant without the need to request income references or paper proof of income. The statement data can also be used to reveal undisclosed credit commitments, spiralling debt problems and even gambling issues.