Creditsafe partners with Yolt to bring a new level of business intelligence with open banking

By Joy Dumasia

Yolt announced a partnership with Creditsafe, the multinational business intelligence provider. Creditsafe, the global expert in credit data and risk intelligence, are the world’s most used provider of online business credit reports covering 161 countries and more than 365 million business. The partnership will see Yolt’s recently launched Cashflow Analyser added to Creditsafe’s business information platform for business and credit professionals. Using a Cashflow Analyser powered by open banking, Creditsafe will be able to instantly offer its clients access to a customer’s cash flow data to assess its risk profile better. 

Chris Long, Head of Global Partnerships, comments: “The availability of open banking data has been a positive move for the industry, driving confidence and maintaining the availability of credit lending through these highly volatile and uncertain times. Our partnership with Yolt means we can seamlessly integrate this data into our existing solutions, delivering valuable new insight whilst maintaining streamlined credit decision processes.” 

Historically, credit assessments involved a complex chain of data access from multiple suppliers, which organisations such as Creditsafe have transformed into swift and straightforward credit checks. With the availability of new and alternative data sources, the complexity or length of credit application processing mustn’t be increased once again. Yolt’s Cashflow Analyser automates retrieving a customer’s banking data, allowing Creditsafe to deliver superior and real-time affordability data for creditors and business lenders. 

Yolt launched Cashflow Analyser in 2021, a solution powered by Account Information Services (AIS) that gives credit underwriters and providers of business services deeper insights into the cash flow of credit applicants and customers to streamline and simplify risk profile and affordability assessment processes. Now with dual banking licenses in the UK and wider Europe, Yolt is offering Cashflow Analyser as a white label product to enable lenders, leasing companies, credit-checking and business intelligence services to utilise open banking to understand the financial health of their customers better. 

Nicolas Weng Kan, CEO of Yolt, comments: “Cashflow Analyser uses Open Banking data to automate and simplify the process. In the lending market alone, we calculate that our technology can reduce processing times on borrowing applications by 85%, saving lenders up to 18,000 hours per year.” 

“Our partnership with Creditsafe enables them to add a valuable, reliable, and accurate data source to help their clients optimise their risk profile assessments”, added Weng Kan. “And we look forward to helping more businesses in the UK and across Europe to benefit from open banking.”