AperiData collaborates with TSB Bank on Open Banking proof of concept

Following its participation in the 2024 TSB Innovation Labs programme, UK-based Open Banking credit bureau AperiData has unveiled a new proof of concept with TSB Bank.

Through the proof of concept, TSB Bank will gain access to AperiData’s ‘Credit Console’ platform and its Open Banking data insights to improve credit-related decision making for the bank’s customers.

The collaboration between TSB and AperiData also intends to provide “deeper” insights into customers’ financial behaviours to enable the bank to offer “enhanced” services, and ultimately, offer a better customer experience.

The TSB Innovation Labs programme is a collaboration between TSB Bank and FinTech Scotland, with fintech startups invited to pitch their Open Banking and Open Finance propositions last year.

Those fintechs that are selected get access to TSB colleagues and executives to understand where their proposition fits into the bank’s ecosystem, as well as guidance and mentoring, and finally, access to TSB’s Open Banking sandbox to work with “real-world” data.

In a post on LinkedIn, AperiData, which is a member of FinTech Wales, wrote: “This achievement follows months of productive collaboration, where we explored how TSB could leverage our technology and data to enhance customer confidence and drive operational improvements.”

AperiData added: “This incredible opportunity highlights our commitment to driving innovation through the power of Open Finance. A huge thank you to TSB Innovation Labs for recognising our vision and potential.”

AperiData and FinTech Wales have confirmed they will provide updates on the progress and outcomes of the proof of concept “as both teams work to make a lasting impact on customer lending solutions”.

In October last year, AperiData introduced its real-time Open Banking credit score ‘AperiScore’ at Open Banking Expo UK & Europe in London.

By analysing millions of Open Banking transactions in combination with AperiData’s risk insights, ‘AperiScore’ can more accurately predict an applicant’s propensity to repay and generates a score on that basis.

Further reading: Unlocking the power of Open Banking to enable financial inclusion