Seeking to simplify affordability assessment processes, Yolt Technology Services (YTS), has launched its Cashflow Analyser tool, a solution powered by its Account Information Services (AIS). 

The offering gives credit underwriters a more enhanced insight into the cashflow of credit applicants and customers to streamline and simplify.

Leon Muis, Chief Business Officer at Yolt Technology Services, commented: “The COVID-19 pandemic continues to present huge challenges for UK lenders and SMEs alike, with surges in demand for credit, coupled with skewed data when it comes to affordability assessments.  

“Our AIS-powered Cashflow Analyser is a huge evolution of the traditional affordability assessment process, which has needed an injection of innovation for some time, to enable lenders to make faster and better informed decisions and customers to ultimately benefit. Consent is at the heart of the Cashflow Analyser, with applicants able to opt-out of sharing their data with a lender or leasing agent, whilst those who are happy to proceed will spend less time waiting for a credit decision.

“Our AIS services have already delivered value in other areas of the lending market, so the Cashflow Analyser is another step to helping to support the COVID-19 recovery and maximise the potential of open banking across financial services.”

The launch comes as lenders are facing unprecedented demand for credit due to uncertain economic conditions and the increased risk exposure brought on by the COVID-19 pandemic. 

Boosting the way in which they make this decision, the tool is based on open banking technology, and is able to give both a real-time and historic indication of affordability, based on transactional data – presenting a unique solution to those businesses which may have experienced fluctuating sales and revenue due to the impact of COVID-19 and therefore deemed not eligible for various forms of credit.