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Edinburgh Fintech Launches World’s First Open Banking Decisioning Platform

Ross Kelly


DirectID Insights

The announcement marks the second major product launch by The ID Co. in six months. 

Edinburgh-based fintech company, The ID Co. has announced the launch of its DirectID Insights product.

DirectID is the first online decisioning tool which leverages Open Banking data to help reduce operational costs for small and large businesses.

The announcement marks the second major launch by the firm in six months. In October 2018, the firm launched its NoMo Money app, which provides simple financial cashflow tracking using Open Banking.

The platform is designed for use by Underwriters, Fraud Analysts and Credit Risk Officers and unlocks all the information required from bank data to help lenders grant or deny loan applications.

Using this platform, those offering credit can view and analyse a customer’s bank statements in a matter of seconds – drastically reducing the time it takes for lending decisions to be made.

“DirectID Insights provides a holistic view of a customer’s financial health in seconds,” says Helen Stewart, Product Owner at The ID Co. “Lenders no longer need to rely on applicant-provided information around incomings and outgoings, and applicants no longer need to acquire and provide months of paper-based bank statements.”

Related: NoMo Money App Launched by The ID Co.

Leveraging machine learning and data analytics to illustrate customer data, DirectID Insights utilises a “rich reporting tool” to display this data in a concise and manageable fashion.

Stewart added that through DirectID Insights, lenders will benefit from decreased fraud and “significant operational cost-savings.

Similarly, customers will benefit from a “streamlined onboarding journey and a credit decision within minutes or hours, rather than days.”

For Credit Risk Officers and Underwriters, a host of options are available which will enhance their ability to make informed decisions during the lending process.

These include account summaries to provide an overview of each account; deposits and outgoing analytics; end of day balances; loan servicing and gambling analytics.

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DirectID also provides detailed transaction reporting for up to twelve months worth of bank data for each individual business which is categorised and classified, the company confirmed.

James Varga, CEO of The ID Co. commented: “Through much of 2018, criticisms in the uptake of Open Banking technology continued unabated through the media. The launch of DirectID Insights offers the opportunity for financial firms to be up-and-running in days with bank data.

“We, therefore, welcome the opportunity to illustrate to the industry what our market-leading technology can accomplish through Open Banking. With this offering, The ID Co. has further cemented its place as an instigator, pacesetter and market leader within Open Banking.”

Ross Kelly

Staff Writer

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