back Back

Tink launches new Expense Check product

By Leandra Monteiro

September 01, 2022

  • Digital Lending
  • Europe
  • Expenditure
Share

TinkEurope’s open banking platform, Tink, has announced the launch of its new product Expense Check, designed to simplify and streamline the customer affordability verification process for lenders. Launching in the Nordics and the UK, Expense Check will then be rolled out more widely across Europe.

Powered by open banking, the solution lets banks and lenders seamlessly verify customers’ affordability in a matter of minutes at the point of application. By linking to applicants’ bank accounts, it provides lenders with an up-to-date and verified view of fixed and discretionary spending.

Tink’s Expense Check helps meet the appetite for tighter risk assessments as the cost-of-living crisis is factored into future affordability checks. The product also enables regular affordability reviews, helping lenders meet their regulatory requirements.

Against a backdrop of rising inflation and cost-of-living struggles, Tink’s latest affordability service gives lenders the ability to gain clearer, real-time insight into the applicants’ affordability, including categories such as housing costs, loan payments, insurance, utilities and transportation. And by giving lenders an accurate view of applicants’ outgoings, it can help increase access to finance for those who struggle to prove their creditworthiness through more traditional checks.

Tasha Chouhan, UK & IE Banking Lead at Tink said, “Having an up-to-date, holistic picture of someone’s financial situation is vital when it comes to making an accurate risk assessment. Not only does Expense Check streamline the way lenders process data, but it also heightens user experience, with applicants benefiting from a simple, automated application process that doesn’t require any paperwork – and brings near-instant results. At the same time, because access to data enables lenders to make more accurate affordability decisions, it can help to make financial services more accessible, particularly for those with fluctuating incomes or thin credit history.

Earlier this year, Tink launched Income Check in the UK – a solution which streamlines income verification using open banking technology, enabling businesses to use real-time current account data to verify income in minutes. The two tools can now be used in tandem through the same loan application flow to simply and seamlessly verify both income and expenditure – reducing the time it takes to apply, while optimising approval rates and user experience.

Previous Article

August 30, 2022

Grey raises $2m to simplify cross border payments across Africa

Read More
Next Article

September 01, 2022

Ebury to expand its presence in the alternative investment sector

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Digital Lending

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 22, 2024

4 Lending platforms facilitating easy access to funds in India

Read More

May 22, 2024

Capchase secures €105m to support financing for SaaS firms in Europe

Read More

May 21, 2024

Cuckoo renews relationship with GoCardless for direct debits

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023