Open banking provider Yolt Technology Services (YTS) has expanded out the applicability of its account information services to provide enhanced data insights for UK mortgage lenders.

Made possible by the growth of financial data sharing under the open banking framework introduced by the CMA in 2016, and supporting regulation by the FCA, account information services facilitates the secure transmission of an individual’s transactional data across to a regulated lender with that individual’s permission.

YTS hopes that its account information service will support mortgage lenders to make faster, better decisions on credit-worthiness and affordability, as well as aiding in the process of customer identification.

Back in my day

Mortgage lenders will be able to use account information services to verify the homebuyer’s income, speed up confirmation of the homebuyer’s identity, streamline the onboarding of new business and make better credit decisions according to YTS.

Leon Muis, chief business officer at YTS, said: “The power of open banking technology has enabled consumers to regain control of their personal finances, better manage their spending, improve their saving habits and ensure they have access to the best rates for financial products.

“We have been supporting some of Europe’s largest financial institutions and fastest-growing technology businesses with AIS and other open banking services (data enrichment and payment initiation services) from day one.

“Today we hope to build on these benefits, in collaboration with mortgage lenders, to ensure the process of buying a home is as smooth, swift and secure as possible – for both the buyer and the lender.

“Our services will enable regulated lenders to make faster decisions on mortgage applications, whilst also providing them with the security of a deeper, more up to date data set which can be used for both identification and affordability purposes.

“Our ambition is to improve the homebuying process for consumers and lender alike.”