Press release by AccountScore on 29th May 2018
AccountScore's Consents Online Limited (consents.online), one of the first Registered Account Information Service Providers (“AISP”) in the UK and the only AISP offering Open Banking as a Service (“OBaaS”), is delighted to announce that the East Sussex Credit Union, which operates a successful and ethical co-operative savings and loans business in Brighton & Hove, will be utilizing the newly implemented Open Banking API framework powered by consents.online to transform its decision and underwriting processes.
East Sussex Credit Union will be using consents.online’s OBaaS solution in tandem with the AccountScore transaction data analytics platform to examine and understand an individual consumer’s historical and predicted financial circumstances. In using the AccountScore platform, East Sussex Credit Union has been able to find significant additional economic value as well as regulatory benefits from the ability to match and verify critical data points, such as salary payments & employment status within an account.
This partnership allows East Sussex Credit Union to access reliable, accurate and easy to digest digital transaction information & analytics to speed up its underwriting processes significantly and provide its members with an easy to use online Open Banking experience.
East Sussex Credit Union is a membership organisation which launched in 2000. It is an ethical savings and loans co-operative, which is socially and economically sustainable which anyone living and working in East Sussex, Brighton & Hove and all members of Unite the Union in the South East Region can join. It aims to improve the financial well being of its members and promotes financial inclusion in the community.
consents.online is a platform that enables clients to access transaction data and provides a place where consumers can control what information they share with whom and on what terms, with complete transparency. Initially managing the sharing of bank transaction data obtained using the UK’s Open Banking system, consents.online will evolve over time to facilitate the sharing of other information including credit card, insurance and mobile accounts.
consents.online is part of the AccountScore group of companies which specializes in transaction data analytics for consumer and business lending, operating in the UK, USA and India.
Emma Steeley, Commercial Director at Consents Online Ltd, said: We are very pleased to be given the opportunity to work with East Sussex Credit Union. We have found them to be a very progressive and forward-thinking organisation and we are very excited to assist them on their Open Banking Journey.”
Ann Hickey CEO of East Sussex Credit Union said: “We are constantly looking to improve our customer service and using consents.online and Open Banking means we are giving our members a smoother, faster customer journey. We are excited and proud to be the first credit union to be using this service.”
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Consents Online Limited (consents.online) is a registered Account Information Service Provider (“AISP”) which provides branded Open Banking as a Service (“OBaaS”) and has access to APIs from banks to collect transaction data. consents.online is a subsidiary of AccountScore Holdings Ltd, the parent of a group of businesses involved in the provision and analytics of bank transaction data including AccountScore Limited, described below.
AccountScore provides beautifully categorized and organized bank transaction data to banks, financial service providers and other financial technology innovators empowering businesses by providing a unique, real-time insight into the financial circumstances of a consumer.
About AccountScore (https://www.accountscore.com/): AccountScore Limited (AccountScore) is a highly innovative global data and analytics business that provides actionable insights and analytics on bank transaction data for clients. Providing reliable, accurate and easy to understand transaction data analytics on data either sourced through consents.online or directly imported.