Yolt Technology Services brings Open Banking to mortgage lending

ING Bank-backed Open Banking vendor Yolt Technology Services is to expand its Account Information Services to support UK mortgage lenders, the first step in a move to a more wide-ranging model of Open Finance.

Made possible by the growth of financial data sharing under the Open Banking framework introduced by the CMA in 2016 – and supporting regulation by the FCA – AIS facilitates the secure transmission of an individual’s transactional data across to a regulated lender, with that individual’s permission.

YTS says the new transaction data sets will support mortgage lenders to make faster, better decisions on credit-worthiness and affordability, as well as aiding in the process of customer identification.

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Source: Yolt Technology Services brings Open Banking to mortgage lending