UK lender rolls out D•One’s Open Banking functionality

UK-based unsecured consumer credit provider NewDay has gone live with D•One’s Open Banking connectivity and transaction categorisation products.

As a result, customers of NewDay will be able to share their transaction data via Open Banking for a “real-world assessment” of affordability, giving access to credit to individuals with limited credit histories.

NewDay and Clearscore Group’s Open Banking business unit D•One announced their partnership in May 2023, with a view to feeding consumers’ spending data into lending and affordability decisions.

NewDay, which serves millions of customers through its platform and digital servicing capability, will now integrate D•One’s Open Banking technology to refine its lending models and broaden access to credit.

Rob Holt, chief executive officer of credit at NewDay, said: “We are always looking for ways to improve our ability to serve working Britain with responsible access to affordable credit, and we see Open Banking as an important addition to our underwriting assessments to more comprehensively understand our customers’ circumstances.

“We were impressed with D•One’s Open Banking solution, along with the supporting functionality and flexibility it provided and plan to integrate these capabilities into our lending strategies.”

Tim Kelleway, director at D•One, added: “NewDay is one of the most inclusive lenders in the UK, and Open Banking has a clear role to play in helping it provide even more customers with responsible access to credit.

“Our technology delivers consistent functionality and decisioning solutions across all channels, helping NewDay expand its reach and provide a seamless experience for more borrowers.”

D•One’s advanced deterministic categorisation model has been developed over 12 years and with more than one billion transactions. The business unit launched in January 2023.