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Yolt Technology Services expands Account Information to support UK mortgage lenders

By Megha Bhattacharya

February 05, 2021

  • UK
  • Yolt Technology Services
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yolt technology servicesYolt Technology Services announced the expansion of the applicability of its Account Information Services (AIS) to provide enhanced data insights for UK mortgage lenders. AIS aims to facilitate the secure transmission of an individual’s transactional data across to a regulated lender, with that individual’s permission.

Leon Muis, Chief Business Officer, Yolt Technology Services, commented, “The power of open banking technology has enabled consumers to regain control of their personal finances, better manage their spending, improve their saving habits and ensure they have access to the best rates for financial products.”

According to Yolt Technology Services, AIS will enable mortgage lenders to make better decisions on credit-worthiness and affordability, as well as aiding in the process of customer identification. Mortgage lenders will be able to verify the homebuyer’s income, speed up confirmation of the homebuyer’s identity, streamline the onboarding of new business and make better credit decisions.

“We have been supporting some of Europe’s largest financial institutions and fastest-growing technology businesses with AIS and other open banking services (data enrichment and payment initiation services) from day one. Today we hope to build on these benefits, in collaboration with mortgage lenders, to ensure the process of buying a home is as smooth, swift and secure as possible – for both the buyer and the lender. 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. Our ambition is to improve the homebuying process for consumers and lender alike,” Muis added.

Recently, Yolt Technology Services (YTS) was selected by Dutch accounting software provider, Jortt in a bid to leverage the former’s API technology to boost its services. The current partnership is expected to further YTS’ aim of supporting businesses to use open banking technology to increase business efficiency, reduce cost and enhance the front end-user experience.

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