HooYu has confirmed the integration of open banking into its KYC and customer onboarding platform to enable enhanced customer identity and affordability insight.
The new service, Bank Connect, elevates the HooYu journey so that a user can prove identity or affordability by logging into their bank account during a KYC process. Furthermore, it means that the firm’s clients can orchestrate open banking alongside a wide range of KYC services such as liveness detection, facial biometrics, database checks, ID document validation.
David Pope, HooYu Marketing Director, commented “HooYu is always adding new features to help gambling operators to use the latest technology and data to meet responsibility compliance requirements such as age verification or affordability. By giving our gambling clients the capacity to use open banking data to analyse affordability, they can better look after their users to build a safer gambling industry.”
As part of the Bank Connect journey, the user logs into their bank account and consents to sharing their identity and expenditure data so that HooYu can provide key affordability metrics such as income, outgoings and the user’s spend level on other gambling services.
As well as this, Bank Connect will provide identity data, account overview data, transaction information, and card information. All the data is automatically analysed and scored before being presented as part of a HooYu report. In line with HooYu data protection and data minimisation rules, HooYu deletes the Bank Connect data after the client has reviewed the results. Clients can choose to take the raw data or HooYu can provide an affordability report classifying gambling spending and evaluating account cash flow.