Breaking-Finance.Com - ING Bank-backed Open Banking vendor Yolt is to expand its Account Information Services to support UK mortgage lenders, the first step in a move to a more wide-ranging model of Open Finance. Made possible by the growth of financial data sharing under the Open Banking framework introduced by the CMA in 2016 - and supporting regulation by the FCA - AIS facilitates the secure transmission of an individual’s transactional data across to a regulated lender, with that individual’s permission.

. Mortgage lenders will be able to use Account Information Services to verfiy a homebuyer's income, speed up identity screening and onboarding, and to make more informed credit decision by taking into consideration all spending and transaction activity, such as Netflix subscriptions, not just existing credit commitments.Leon Muis, chief business officer, Yolt Technology Services, comments: “Our services will enable regulated lenders to make faster decisions on mortgage applications, whilst also providing them with the security of a deeper, more up to date data set which can be used for both identification and affordability purposes."

Source = Breaking-Finance.Com

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