Yolt launches open banking cashflow analysis tool

Yolt Technology Services has launched an open banking powered cashflow analysis tool.

The Cashflow Analyser solution is powered by Yolt’s Account Information Services (AIS) that gives credit underwriters deeper insights into the cashflow of credit applicants and customers.

The business has launched this tool at a time when it feels lenders are facing unprecedented demand for credit due to uncertain economic conditions and the increased risk exposure brought on by the COVID-19 pandemic.

How COVID-19 expedited the need for AIV

Based on open banking technology, the tool is able to give both a real time and a historical indication of affordability, based on transactional data.

With no integration period or technical input required, lenders can access the off the shelf, white labelled solution through the YTS Cashflow Analyser portal to complete immediate affordability checks.

Within their own branded portal, lenders can send the affordability test across to an applicant, which provides a full report of up to 18 months’ worth of transaction data from customers, including incoming and outgoings.

This aims to save both the lender and customer valuable time, eradicating the need for downloading and sending historical bank statements.

Lenders’ applicants will benefit from bank-grade security and retain full control over their personal data, according to Yolt, while the YTS Cashflow Analyser eliminates the risk of fraud in the transfer of financially sensitive data.

Leon Muis, chief business officer at Yolt Technology Services, said: “The COVID-19 pandemic continues to present huge challenges for UK lenders and SMEs alike, with surges in demand for credit, coupled with skewed data when it comes to affordability assessments.

“Our AIS-powered Cashflow Analyser is a huge evolution of the traditional affordability assessment process, which has needed an injection of innovation for some time, to enable lenders to make faster and better informed decisions and customers to ultimately benefit.

“Consent is at the heart of the Cashflow Analyser, with applicants able to opt-out of sharing their data with a lender or leasing agent, whilst those who are happy to proceed will spend less time waiting for a credit decision.

“Our AIS services have already delivered value in other areas of the lending market, so the Cashflow Analyser is another step to helping to support the COVID-19 recovery and maximise the potential of open banking across financial services.”