At Experian, we are committed to finding new, innovative ways to deliver better outcomes for our clients and their customers. With this in mind, we are delighted to announce that we have now been granted approval to supply Open Banking and PSD2 services by the FCA.
The accreditation allows Experian to help people benefit from the Open Banking initiative through a new suite of products so that consumers can share data in a secure and compliant way. This will complement Experian’s existing credit bureau services.
The overarching aspiration of Open Banking is to level the playing field by offering greater choice through new products – promoting greater transparency about the benefit and value of these products in the process.
This accreditation from the FCA underlines our commitment to support Open Banking for the benefit of both people and organisations. One bank has already signed-up to use our Open Banking platform and we’re running several proof-of-concepts with other clients, so they can explore a range of innovative new services.
Open Banking will help people to prove they can afford products, even if they have a limited credit history. The development of insightful mechanisms to manage finances and simplify applications, for everything from financial products to rented accommodation, will also reduce the time and effort required.
When people choose to share bank account information with financial service providers they can receive the most appropriate products, improved services and better deals.
It will be a useful tool for organisations to ensure they only lend people and small businesses what they can afford to repay. And it will be invaluable to price comparison websites, brokers and background checking providers.
Open Banking will also help lenders to meet FCA regulatory obligations in affordability and reduce costs when processing applications. Adopting new data assets will be easier from both a technical and consumer support perspective.
The UK is at the vanguard of a global shift in data sharing. Having a dynamic economy and particularly a dynamic financial services sector, is going to be a crucial asset as we navigate our way through social and economic changes anticipated in the years ahead.