Yolt Technology Services (YTS) has announced it is expanding the applicability of its account information services, to provide enhanced data insights for mortgage lenders in the UK.
Account information services facilitate the secure transmission of an individual’s transactional data, with that individual’s permission, across to a regulated lender.
With 96% accuracy in the categorisation of an individual’s spending transactions and income, as well as bank-grade data security built in, YTS said the enhanced data insights of its account information services will support lenders to make quicker decisions on credit-worthiness and affordability. The Open Banking provider suggested the move will also aid in the process of customer identification.
Mortgage lenders will be able to use the technology to verify a homebuyer’s income, speed up confirmation of the homebuyer’s identity, streamline the onboarding of new business, as well as help homebuyers to make better credit decisions.
“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,” commented YTS chief business officer, Leon Muis.
“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.”
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