Open Banking

What is Open Banking?

 

• An initiative introduced as part of the Payment Services Directive (known as PSD2) intended to improve a customers banking experience and enable better management of their own data. 

• Enables consumers and SME’s to share their bank account information securely via an application programming interface (API) service.

• Third-party access to financial information in this way is intended to promote the development of new apps and services, resulting in better experiences for consumers. 

• Businesses and financial services (such as Adelpha Capital) can use these services to obtain read-only access to a potential customer’s bank transaction data (subject to their consent) to avoid the need for manual collation of paper or scanned / electronic copies of bank statements.

 

More information on Open Banking can be found at: https://www.openbanking.org.uk/customers/what-is-open-banking/

 

Why use Open Banking?

 

Adelpha Capital continually aims to simplify its processes through the use of technology. Obtaining bank transaction data for each applicant is a necessary stage in the underwriting of each deal, but can be a time consuming activity in its collation, transfer and processing.

 

Obtaining bank transaction data in the underwriting process enables Adelpha Capital to:

 

• Reduce time taken to obtain proof of income and other bank transaction data

• Provide a positive customer experience based upon simplifying our process

• Reduce the workload for our brokers by enabling our Underwriters to access bank transaction data needed to process an application

• Reduce the number of follow-on requests to obtain additional bank transaction related information

 

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How the process works

 

To obtain read only access to bank transaction data, Adelpha Capital uses an open banking service called oohMoolah which is a product of the FCA authorised and regulated Perfect Data Solutions Limited trading as Lending Metrics. oohMoolah’s top priority is security, with the service designed to make your data secure, including full encryption of your data in transit and double encrypted when stored. 

 

Further details on how the oohMoolah product works can be found at www.oohmoolah.com