Mortgage lender, TAB, has announced the launch of a new open banking interface.

The technology will be accessed through a dashboard interface where borrowers can log in and view the details of their loan and make payments online.

Open banking is a secure way for consumers to share their personal details and information with financial providers, as long as they give permission, for services such as investing and lending, in a bid to help consumers get better deals and encourage competition between lenders.

TAB said its open banking interface will enhance data privacy and security, make it easier for borrowers to view and make payments, and lower risk in regards to anti-money laundering checks.

“We are committed to innovating in this space and we have taken our borrower platform to the next level by integrating open banking,” said TAB CEO and founder, Duncan Kreeger. “This means more flexibility and control for our clients and borrowers, as well as increased security and efficiency.

“Clients can interact with their bank and make payments online, directly from their bank account and not from their card. Open banking has the power to inspire a better relationship between us and our borrowers — it’s the future of money.

“Borrowers will be able to see where base rate changes affect their payments via the borrower portal, improving transparency. And increased transparency about payments will help us verify borrowers quicker and make decisions faster.”

Share Story: