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Open Banking

Unlock bank account transaction data to drive better customer understanding, better decisions and better outcomes
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Product Overview

Open Banking lets your customers share their transaction data with you quickly, reliably and securely. It can help provide better customer journeys, reduce the time taken to source documentation from weeks to minutes, enable better affordability assessments and promote financial inclusion.

We can help open up a world of possibilities and create better outcomes for you and your customers. 

How It's Used

Credit risk decisioning

Combining bank account insights with bureau data to improve your credit risk scorecard effectiveness by up to 20%.¹ 

 

ID Verification
Enables organisations to perform an anti-impersonation check and help verify the consumer’s identity.
Affordability assessment
Providing a more detailed and insightful view of your customers’ finances enables more accurate affordability decisions.
Collections management
Improve and automate the way you assess income and expenditure to create better customer outcomes.
Support regulatory compliance
More robust affordability and credit risk assessments ensure better consumer outcomes and can support you with industry regulation compliance.
Strengthen automated income verification

Using open banking alongside bureau data can help increase your automated income verification rates by 20% ² helping you approve more customers automatically.  

 

¹The Digital Future of Finance and Credit Risk, the 2021 Open Banking Research report, Equifax.
²Equifax Analysis on a Financial Services Client in 2020.

Open Banking Solutions

Leveraging the Strong Customer Authentication (SCA) standards needed to log into a UK bank account, we can deliver a secure, real-time customer anti-impersonation assessment, ID verification and proof of address helping to speed-up your on-boarding process. 

At the point of customer on-boarding, we can help you use Open Banking to accurately verify your customer’s declared income or create an accurate estimate of income in cases where income has not been declared in the user journey.

Video

Open Banking as a Service - User Journey Animation

Equifax Open Banking as a Service OBaaS® enables your customer to consent to share their bank account transaction data and we have made this process as short and simple as possible to reduce drop outs. View our short animation. 
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Real time commercial financial health insight

Open Banking for Business

We can help you pull out key trends and indicators from business transaction data so you can more accurately determine your business customer’s current financial position, their liquidity and cash flow. With this up to date insight you can make faster, more accurate credit decisions on the application and management of commercial loans and lines of credit.
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The personal data that you provide via this form will be processed in order to deal with your enquiry and for marketing purposes unless you have opted-out of receiving marketing communications. As a result of this processing, your personal data may be transferred to countries outside of the UK and European Economic Area (EEA). Please see the Equifax Credit Reference and Related Services Privacy Notice for more information about how we will process your personal data.

To access your Personal Credit Report, visit https://www.equifax.co.uk

To query your Personal Credit Report or get help, visit https://help.equifax.co.uk/EquifaxOnlineHelp/s/

To access your business credit report, download our Business Report form and return your completed form to us via post or email using the information provided on the form.

Send an email to our customer service team via hello@equifax.com and we'll get in touch with you directly.

Contact Us

Find out how Open Banking can unlock greater insight and clarity across your business.
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Download our Open Banking Brochure

Discover how Equifax can help you make the most of open banking data and help you make better lending decisions.
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