What is an Open Banking credit check?

21 Apr 2022 By PAYCEC

 Open Banking credit check is a feature of Open Banking scheme. It delivers better results for lenders and loan applicants. This is where having real-time financial data is useful. Risk evaluations are only useful if the current financial condition can be assessed. This is where next-generation credit rating goes beyond hard numbers to provide a better insight into underlying spending patterns. 

For lenders, lowering credit risk is critical. Open Banking check not only lowers risks; having a complete picture of a customer's financial status is the best foundation for offering the best services. Institutions can provide a loan, credit, or financial service that is tailored to your customer's needs by considering their lifestyle rather than just their income or account balances.

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