LoanEasy Finance
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Secure read-only Open Banking data allows lenders to assess real-time disposable income, protecting consumers from unsustainable credit commitments.
Under the FCA Consumer Duty, lenders must ensure that credit is affordable and sustainable for each applicant. Traditional credit reports only record historical payment behavior and static balances, often with a 30 to 60-day reporting lag.
Open Banking provides a real-time, read-only snapshot of current account cashflow, identifying regular income patterns and fixed domestic commitments.
Open Banking is regulated under the Payment Services Regulations 2017. Lenders never see or store your online banking passwords, and access requires explicit customer authorization that can be revoked at any time.
