New open banking platform set to launch

3rd December 2018

A new Open Banking platform providing consumer bank account data free-of-charge to mortgage finance providers is set to launch this week.

LendingMetrics’ OpenBankVision will allow users access to 90 days of bank statements with no minimum or maximum cap on the number of requests, when it goes live on December 3. Finance companies using the software will be able to conduct thousands of searches per month, despite paying no license fee, or making any other financial commitment.

Consumers confirm consent for read-only access to their bank accounts via an app (oohMoolah), which then gives OpenBankVision a token to interrogate accounts in real time. The token has a life, typically of three months, allowing credit providers to re-access the real-time data.

Neil Williams, Managing Director of LendingMetrics, said “We’ve spent two years developing and testing OpenBankVision, and are now finally ready to go live with what is a best-in-class platform. After speaking with credit providers, and based on our long experience in this area, we know that it is what the market has been waiting for. And, unlike other providers, we will not be charging hefty set-up or monthly fees.”

David Wylie, LendingMetrics Director, said “We plan to grow our coverage dramatically as a result of this ‘free forever’ approach. The more consumer bank accounts we have a token for, the more useful OpenBankVision will be to credit providers. If we already have a current token for a particular consumer, any consented credit provider can access read-only information via OBV without having to re-apply for permission.”