UK-based D•One, the Open Banking business unit of The ClearScore Group, has partnered with 118 118 Money, which specialises in loans and credit cards for the underserved near-prime market, to provide Open Banking connectivity and transaction categorisation intelligence.
Through the partnership, 118 118 Money will take Open Banking data for prospective borrowers from D•One to assess affordability, both on its site and via the ClearScore marketplace.
D•One will supply 118 118 Money with bank transaction data at the start of customers’ loan and credit card searches, which is then processed by 118 118 Money to make more informed credit and lending decisions.
Tim Kelleway, director at D•One
Tim Kelleway, director at D•One, said: “We are helping lenders such as 118 118 Money make affordability assessments in milliseconds, resulting in a fairer assessment of borrower risk and a smoother process for customers.
“Our expertise in transaction categorisation and making sense of the huge volumes of banking data available is driving better outcomes for borrowers and more sophisticated pricing and risk management for lenders.”
Mark Northfield, director of customer growth at 118 118 Money, said: “Our strategic partnership with D•One enhances our affordability and creditworthiness strategies, allows us to make informed, responsible lending decisions and say ‘yes’ to more customers who may have been overlooked elsewhere.
“By leveraging cutting-edge technology and data, we aim to promote financial inclusion, provide fair and accessible credit, and empower more individuals to achieve their financial goals.”
Northfield added: “At 118 118 Money, we are constantly seeking innovative solutions to deliver better outcomes for our customers. The use of third-party data, combined with our partnership with D•One, underscores this commitment.”
Last month, Hastings Direct became the 20th partner to have signed up with D•One in 2024, with Abound, Zopa, Plend and Salad Money already having done so this year.
