Call centre Freedom Finance

Freedom Finance has given lenders complete open banking access to its Consents.online platform in order to offer secured and unsecured loans.

The initiative was organised in partnership with AccountScore and Equifax and teams large and challenger banks. Their joint open banking objective is to give customers better options and more information by forcing lenders to provide both clarity and choice.

Open Banking system Consents.online works without manual documents, such as payslips, and makes the processing of applications smoother and more efficient for lenders and borrowers, it claims.

From March applications for unsecured loans will also enjoy the new efficiencies provided by open banking, says Freedom Finance.

By categorising transaction data the service can give lenders better insights on customers and let personal finance providers know the minute that a customer’s circumstances change, events which have costly implications for lenders.

Freedom Finance claims its Open Banking system will cut the customer journey time from two days to five minutes. It will continue to offer a manual application processes with paper documents that can be completed over the phone with advisors.

Consents.online is authorised and regulated by the Financial Conduct Authority

The service was created by AccountScore via its Account Information Service Provider. AccountScore uses the Equifax Bank Account Verifier to instantly check that transaction data belongs to the person applying for credit.

“Open Banking allows borrowers to unlock their data to make the most of their money, and we’re currently seeing around a third of customers choosing to opt in,” said Andrew Fisher, Group Managing Director at Freedom Finance.

by Bill Boyle
IBS Intelligence Senior Editor
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