Paylink Solutions picks Equifax as Open Banking partner
OpenBankingExpo | News
13 Jun 2022
One of the UK’s big three credit reference agencies Equifax has unveiled a new partnership with fintech Paylink Solutions to automate its digital affordability solution using Open Banking data and APIs.
Equifax’s Open Banking service will enhance Paylink Solutions’ existing affordability solution used by some of the UK’s most well-known banks and building societies, as well as thousands of customers. It will enable businesses to understand customers’ affordability quickly and accurately to offer them a suitable repayment solution, and will help lenders make sure they are lending responsibly, while protecting vulnerable customers from taking out the credit they can’t afford.
Andy Sacre, product director at Equifax UK, said: “2022 is fast becoming a year we will remember for the extreme financial challenges faced by families up and down the country.
“At a time like this, Open Banking is coming into its own, helping credit providers, utility companies and telcos to gain a nuanced understanding of how much struggling customers really can afford to repay. This partnership with Paylink Solutions is a perfect example of onboarding a new tech solution at speed, and will ultimately mean more people facing financial hardship in the UK will be receiving support that is tailored to their personal situation.”
Equifax estimates the percentage of financially vulnerable people in the UK has increased from 2.7% to 4.4% since 2020. During the pandemic, the number of those setting up online accounts has also grown, with around 15% more people accessing Open Banking on their mobile device.
Susan Rann, CEO of Paylink Solutions, said: “Few of us have escaped the economic impact of the cost-of-living crisis and the pandemic, but it’s those closer to the breadline that are at a particular risk of struggling to meet their financial commitments.
“People want to be able to share information safely and discretely and often that means doing so online. Meeting with Equifax, it was immediately clear it had the right mix of technology and insight to solve the problem our clients’ customers are facing.”