The collaboration between Yapily and credit card startup Yonder has underlined the key possibilities for open banking within the UK.
It’s a partnership that seeks to bolster the efficiency in which a wide range of consumers engage with credit.
Iain McDougall, Chief Commercial Officer, at Yapily, told Payment Expert: “With the customer’s consent, Yapily’s open banking infrastructure is enabling Yonder to fetch individual bank account information via a secure API. Yonder can then analyse factors such as income and expenses to create a more holistic credit profile for the customer.
“Yapily is also enabling Yonder card holders to pay off their credit balance by using a direct, instant, and more secure account-to-account open banking payment method. In this way, through the power of open banking, Yonder and Yapily are raising the standard for responsible lending, improving affordability and transparency to ultimately help people access the right financial services and products for them.”
Furthermore, the collaboration comes at a pivotal time for the market – with recent research by Experian in excess of 5 million people in the UK – 9% of the total adult population – having minimal credit history, greatly reducing their access to mainstream financial services.
Tim Chong, Co-Founder CEO at Yonder, added on the link: “Unfair credit scoring methods, legacy app experiences, and vague pricing techniques are a thing of the past. With open banking, we’re bringing back fairness and equality to the credit industry. Yapily’s technology and open banking expertise are helping to make that vision a reality.”
